A federal bill that would require colleges and universities to provide applicants information about the costs and returns of higher education was approved on Monday by the U.S. House of Representatives.

House Resolution 3178, the “Strengthening Transparency in Higher Education Act,” is designed to help college students understand their prospects at any college in the United States before they dip into their savings accounts or take out loans to pay for higher education, according to Rep. Virginia Foxx, R-5th District, the bill’s sponsor.

“Each year, families across the country face difficult decisions about where they can afford to send their children to college and what institution is the best fit for them,” said Foxx, who chairs the House Subcommittee on Higher Education. “Students must wade through massive and often conflicting amounts of information in order to make an informed choice.”

“This bill will improve the information students and their families need to make smart decisions about their education, providing a more complete picture of student populations on our nation’s college campuses,” she added.

The legislation would require the U.S. Secretary of Education to provide a “College Dashboard” website with information about college completion rates and current price calculators to give applicants accurate assessments of education costs.

Additionally, the bill would ensure that data on higher education is accurate and consistent across all federal agencies, and would provide a link to the College Dashboard from the Free Application for Federal Student Aid’s website.

H.R. 3178, which was introduced on July 23, 2015, will now go before the Senate Committee on Health, Education, Labor, and Pensions for further consideration, said Foxx Communications Director Sheridan Watson.

North Carolina moves toward college transparency

A North Carolina bill similar to H.R. 3178 was passed this year by the state legislature. Senate Bill 536, “Students Know Before You Go,” which Gov. Pat McCrory signed into law June 30, directs the North Carolina State Education Assistance Authority to build a website that will help college applicants access information about financial aid, transfer rates, graduation rates, employment statistics, and wage projections for degrees at every public, private, and community college in the state.

Introduced in 2015 by Sen. Chad Barefoot, R-Wake, the legislation also requires the NCSEAA to provide potential students with data about the North Carolina’s projected employment needs and salary ranges.

The measure will take effect in April 2017, seeing the Tar Heel State join a handful of other states that have enacted rules to provide applicants with information about the cost and worth of higher education. States with transparency rules for public or private institutions include Arkansas, California, Connecticut, Florida, Kentucky, Minnesota, Main, and Nevada. Maryland and Michigan also have passed transparency laws, but have focused those regulations on for-profit schools only.

To learn more about North Carolina’s S.B. 536, click here.