; and (iii) that shall include not more than 8 elements, which, at a minimum, shall include— (I) the cost of attendance; (II) grants and scholarships; and (III) net price (as calculated under subparagraph (C)(iv)). (E) Consumer testing The Secretary shall— (i) conduct consumer testing that shall serve as the basis in determining the requirements for financial aid offers published under subparagraph (A), which shall include students (including low-income students, English learners, first generation college students, veteran students, graduate students, and undergraduate students (including prospective students and returning students)), students’ families (including low-income families, families of English learners, and families with first generation college students), institutions of higher education (including representatives from two- and four-year institutions, public and private institutions, and minority-serving institutions), secondary school and postsecondary counselors, financial aid administrators, nonprofit college access organizations, and nonprofit consumer groups; and (ii) not later than 60 days after the publication of the requirements under subparagraph (A)— (I) issue a report on the findings of the consumer testing under this subparagraph; and (II) specify ways in which the findings are reflected in such requirements. (2) Definitions In this subsection— (A) the term cost of attendance has the meaning given the term in section 472; (B) the term English learner has the meaning given the term in section 8101(20) of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7801(20) ), except that such term does not include individuals described in subparagraph (B) of such section; (C) the term first generation college student has the meaning given the term in section 402A(h); (D) the term low-income student has the meaning given the term in section 419N(b)(7)