Ohio Senate Committee Starts Hearings on Higher Education Return on Investment Act
COLUMBUS – The Senate Workforce and Higher Education Committee held its first hearing on the Higher Education Return on Investment Act, sponsored by State Representatives Adam Mathews (R-Lebanon) and Jim Thomas (R- Jackson Township).
House Bill 27 passed with a sweeping vote of 88-1 in the Ohio House. The legislation will require institutions of higher education to give parents and students a clear and standardized financial cost and aid disclosure form.
“I appreciate the Senate continuing hearings on the Higher Education Return on Investment Act which will provide parents and students with much-needed financial transparency,” said Mathews.
“This is a win for institutions of higher education to show the value added by their degrees, and a win for students to understand the total cost of their education and earning potential post-graduation,” said Thomas.
The bill requires the financial cost and aid disclosure form to provide the following information to full-time students pursuing a degree:
- 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 form must be provided to students prior to the institution’s student admission decision deadline.
House Bill 27 will continue to receive hearings in the Senate Workforce and Higher Education Committee.
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