College Financing Literacy Act

Minnesota statute 136A.0901, also known as the College Financing Literacy Act (CFLA), was enacted by the Legislature in the 2025 session. This act requires that the Commissioner of the Office of Higher Education (OHE) to develop standard terminology and financial aid offer forms. As part of this act, standard financial aid forms may be developed for the following populations:

• Undergraduate students
• Graduate students
• First-time students
• Returning students 

As part of CFLA, institutions are required to use the standard terminology and definitions provided by OHE in all financial aid communications. Upon implementation, all institutions must also use the standard templates provided by OHE for all official and unofficial financial aid offers.

CFLA is designed to help students and families make more informed college choices and to better understand the immediate and long-term costs of obtaining their college degree. 

Institutions must begin using the standard terminology and aid offer letters for the 2028-2029 academic year. 

A draft of the standard letter templates and list of standard terminology and definitions will be made available no later than September 1, 2026, for review and feedback. Final versions of the financial aid offer forms and standard terminology, and definitions will be made available in early 2027 to allow institutions time to implement prior to sending out award notifications for the 2028-2029 academic year. 

Preliminary stakeholder consultation began in August 2025 and will continue through Summer 2026. Check back for upcoming opportunities for stakeholder consultation.