(a) Each institution of postsecondary education that operates in the State and that is required to make a net price calculator publicly available on its website under the federal Higher Education Opportunity Act of 2008, 20 U.S.C.A. § 1015a, shall ensure that the net price calculator is posted on its website in a conspicuous location.

(b) (1) For all first-time, full-time undergraduate students at an institution of postsecondary education that operates in the State, the institution shall provide to the student information on the cost of higher education at the institution by completing and mailing or providing electronically, at a minimum, the information contained on the form known as the Financial Aid Shopping Sheet, as promulgated by the U.S. Department of Education.

(2) The Financial Aid Shopping Sheet or the information contained on the Financial Aid Shopping Sheet shall be mailed or provided electronically to the student at the same time that an award of federal financial aid is mailed or provided electronically to the student.