Universal net price calculator

Section 132(h) of the Higher Education Act of 1965 (20 U.S.C. 1015a(h)), as amended by section 2, is further amended by adding at the end the following: (7) Universal net price calculator (A) In general The Secretary may develop a universal net price calculator that is housed within the Department of Education, with Department branding, and that may be based on or utilize an existing platform developed by a public or private entity, that— (i) enables users to answer 1 set of questions and receive net prices for any institution that is required to have a net price calculator under this subsection; (ii) provides the information required under subparagraphs (C) and (D) of paragraph (4) for each institution for which a net price is being sought; (iii) is developed in consultation with the heads of relevant Federal agencies; and (iv) before being finalized and publicly released, is tested in accordance with subparagraph (B). (B) Consumer testing (i) In general If the Secretary develops a universal net price calculator under subparagraph (A), the Secretary, in consultation with the heads of relevant Federal agencies, shall establish a process to submit the universal net price calculator developed under this paragraph for consumer testing among representatives of students (including low-income students, first generation college students, adult students, and prospective students), students’ families (including low-income families, families with first generation college students, and families with prospective students), institutions of higher education, secondary school and postsecondary counselors, and nonprofit consumer groups. (ii) Length of consumer testing The Secretary shall ensure that the consumer testing lasts no longer than 6 months after the process for consumer testing is developed under clause (i). (iii) Use of results The results of consumer testing under clause (i) shall be used in the final development of the universal net price calculator. (iv) Reporting requirement Not later than 3 months after the date the consumer testing under clause (i) concludes, the Secretary shall submit to Congress the final universal net price calculator and a report detailing the results of such testing, including whether the Secretary added any additional items to the calculator as a result of such testing. (v) Authority to modify The Secretary may modify the definitions, terms, formatting, and design of the universal net price calculator based on the results of consumer testing required under this paragraph and before finalizing the calculator. (8) Report from secretary Not later than 1 year after the date of enactment of the Net Price Calculator Improvement Act, the Secretary shall submit a report to Congress on steps taken to raise awareness of net price calculators among prospective students and families, particularly among students in middle school and high school and students from low-income families..