Ohio House Passes Higher Education Return on Investment Act

COLUMBUS – The Ohio House of Representatives passed the Higher Education Return on Investment Act, sponsored by State Representatives Jim Thomas (R- Jackson Township) and Adam Mathews (R-Lebanon).

Under House Bill 27, higher education institutions are required to give new students and parents a one-page financial breakdown of costs, expected loan payments, and salary ranges after graduation.

“This legislation creates a new level of transparency where parents and students can see the full scope of an institution’s cost and financial aid,” Thomas said. “By making this information more accessible, students can make wiser decisions about their education and set themselves up for a prosperous career. This is a win for Ohio’s students and institutions of higher education.”

Each institution would provide a financial cost and aid disclosure form to qualifying students as part of the student’s initial financial aid packet, which is delivered after admission and completion of the FAFSA. A “qualifying student” under the bill is a newly admitted full-time student who is pursuing a degree. The form must be provided to students prior to the institution’s student admission decision deadline.

“I am grateful for all the hard work with our interested parties on this bill,” Mathews said. “Rep. Thomas and I have come to Columbus to pass legislation that helps all Ohioans and our districts. I am honored that this common sense initiative was the first bill passed by any freshman this General Assembly, and I look forward to continuing the work for Warren County and all of Ohio.”

The bill requires the financial cost and aid disclosure form to provide the following information:

• Total costs, including general and instructional fees, room and board, and special fees;
• All awarded sources of financial aid and what is required to maintain this aid;
• The expected net cost of attendance calculated from the above;
• The expected monthly student loan payment upon graduation; and
• The income range, between the 25th and 75th percentiles, of the institution’s most recent similar students and similar students from five years prior.

The legislation now heads to the Senate for further consideration.

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