1. Short title This Act may be cited as the Understanding the True Cost of College Act of 2017 . 2. Institution financial aid offer form (a) Institution financial aid offer form Section 484 of the Higher Education Opportunity Act ( 20 U.S.C. 1092 note) is amended— (1) by striking subsection (a) and inserting the following: (a) Standard Format The Secretary of Education, in consultation with the heads of relevant Federal agencies, shall develop a standard format for financial aid offer forms based on recommendations from representatives of students, students’ families, institutions of higher education, secondary school and postsecondary counselors, and nonprofit consumer groups.