S.1557 - Net Price Calculator Improvement Act (119th Congress)
Summary
The Net Price Calculator Improvement Act (S.1557) aims to enhance the accuracy and accessibility of net price calculators at institutions of higher education. It mandates specific improvements to these calculators, including clearer labeling, standardized display of net price information, and data privacy protections. The bill also directs the Secretary of Education to develop a universal net price calculator and to raise awareness of these tools among prospective students and their families.
Expected Effects
This act will likely lead to students having a more transparent and accurate understanding of the true cost of college before enrolling. The universal net price calculator could streamline the college search process. Increased awareness of these tools may encourage more informed decision-making regarding higher education investments.
Potential Benefits
- Improved Transparency: Standardized net price calculators provide clearer cost information.
- Enhanced Accessibility: Prominent placement of calculators on college websites makes them easier to find.
- Data Privacy Protection: Restrictions on the use of collected data protect student privacy.
- Informed Decision-Making: More accurate cost estimates enable better financial planning for college.
- Universal Calculator: A single calculator for all institutions simplifies the comparison process.
Potential Disadvantages
- Implementation Costs: Colleges may incur costs to update their net price calculators to meet the new requirements.
- Complexity: Some students may still find the information overwhelming, even with improvements.
- Data Accuracy: The accuracy of the net price estimates depends on the data provided by the student and the institution.
- Limited Scope: The act focuses solely on net price calculators and does not address other factors influencing college affordability.
- One-Year Deadline: The one-year deadline for compliance may be challenging for some institutions.
Constitutional Alignment
The Net Price Calculator Improvement Act appears to align with the general welfare clause of the US Constitution, as it aims to promote access to education and informed decision-making for prospective students. While the Constitution does not explicitly address education, the Act can be seen as an effort to promote the general welfare by ensuring students have access to information necessary to make informed decisions about higher education. The Act does not appear to infringe upon any specific rights or liberties protected by the Constitution or its amendments.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).