Sec. 489. Early awareness of financial aid eligibility
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Section 485E (21 U.S.C. 20 U.S.C. 1092f ) is amended— in subsection (b)— in paragraph (2)— by striking junior year and inserting sophomore year ; by striking The Secretary shall ensure that and inserting The Secretary shall— ensure that ; and by adding at the end the following: create an online platform for States, institutions of higher education, other organizations involved in college access and student financial aid, secondary schools, and programs under this title that serve secondary school students to share best practices on disseminating information under this section. ; and in paragraph (4)— in the first sentence— by striking Not later than two years after the date of enactment of the Higher Education Opportunity Act, the and inserting The ; and by inserting continue to before implement ; and in the second sentence, by striking the Internet and inserting the Internet, including through social media ; and by adding at the end the following:
Not later than 1 year after the date of enactment of the PROSPER Act , the Secretary, in consultation with States, institutions of higher education, and other individuals with experience or expertise in student financial assistance application processes, shall develop an early estimator tool to be available online and through a mobile application, which— allows an individual to— enter basic financial and other relevant information; and on the basis of such information, receive non-binding estimates of potential Federal grant, loan, or work study assistance under this title for which a student may be eligible upon completion of an application form under section 483(a); with respect to each institution of higher education that participates in a program under this title selected by an individual for purposes of the estimator tool, provides the individual with the net price (as defined in section 132) for the income category described in paragraph
(2)that is determined on the basis of the information under subparagraph (A)(i) of this paragraph entered by the individual; and includes a clear and conspicuous disclaimer that the amounts calculated using the estimator tool are estimates based on limited financial information, and that— each such estimate— in the case of an estimate under subparagraph (A), is only an estimate and does not represent a final determination, or actual award, of financial assistance under this title; in the case of an estimate under subparagraph (B), is only an estimate and not a guarantee of the actual amount that a student may be charged; shall not be binding on the Secretary or an institution of higher education; and may change; and a student must complete an application form under section 483(a) in order to be eligible for, and receive, an actual financial aid award that includes Federal grant, loan, or work study assistance under this title. The income categories for purposes of paragraph (1)(B) are as follows: $0 to $30,000. $30,001 to $48,000. $48,001 to $75,000. $75,001 to $110,000. $110,001 to $150,000. Over $150,000. In developing and maintaining the estimator tool described in paragraph (1), the Secretary shall conduct consumer testing with appropriate persons, including current and prospective college students, family members of such students, and other individuals with expertise in student financial assistance application processes and college access, to ensure that such tool is easily understandable by students and families and effective in communicating early aid eligibility. In carrying out this subsection, the Secretary shall not keep, store, or warehouse any data inputted by individuals accessing the tool described in paragraph (1). The Secretary shall develop, and annually update at the beginning of each award year, the following electronic tables to be utilized in carrying out this section and containing the information described in paragraph
(2)of this subsection: An electronic table for dependent students. An electronic table for independent students with dependents other than a spouse. An electronic table for independent students without dependents other than a spouse. Each electronic table under paragraph (1), with respect to the category of students to which the table applies for the most recently completed award year for which information is available, and disaggregated in accordance with paragraph (3), shall contain the following information: The percentage of undergraduate students attending an institution of higher education on a full-time, full-academic year basis who file the financial aid form prescribed under section 483 for the award year and received, for their first academic year during such award year (and not for any additional payment periods after such first academic year), the following: A Federal Pell Grant equal to the maximum amount of a Federal Pell Grant award determined under section 401(b)(2) for such award year. A Federal Pell Grant in an amount that is— less than the maximum amount described in clause (i); and not less than 3/4 of such maximum amount for such award year. A Federal Pell Grant in an amount that is— less than 3/4 of such maximum amount; and not less than 1/2 of such maximum amount for such award year. A Federal Pell Grant in an amount that is— less than 1/2 of such maximum amount; and not less than the minimum Federal Pell Grant amount determined under section 401(b)(4) for such award year. The dollar amounts equal to— the maximum amount of a Federal Pell Grant award determined under section 401(b)(2) for an award year; 3/4 of such maximum amount; 1/2 of such maximum amount; and the minimum Federal Pell Grant amount determined under section 401(b)(4) for such award year. A clear and conspicuous notice that— the Federal Pell Grant amounts listed in subparagraph
(B)are for a previous award year, and such amounts and the requirements for awarding such amounts may be different for succeeding award years; and the Federal Pell Grant amount for which a student may be eligible will be determined based on a number of factors, including enrollment status, once the student completes an application form under section 483(a). A link to the early estimator tool described in subsection
(c)of this section, which includes an explanation that an individual may estimate a student’s potential Federal aid eligibility under this title by accessing the estimator on the individual’s mobile phone or online. The information provided under paragraph (2)(A) shall be disaggregated by the following income categories: Less than $5,000. $5,000 to $9,999. $10,000 to $19,999. $20,000 to $29,999. $30,000 to $39,999. $40,000 to $49,999. $50,000 to $59,999. Greater than $59,999. The Secretary may not require a State to participate in the activities or disseminate the materials described in this section. .
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Sec. 489
Early awareness of financial aid eligibility
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