Solution: You can add a newline character to formula field by using BR() function.
For Example: Formula Field value:
“Manager Schedule: Name, DOB, CDL #, Yrs Management Experience, Hire Date” & BR() & “Vehicle Schedule: Year, Make, Model, VIN, and radius for each vehicle” & BR() & “Loss History Reports: Last 3 Years of loss history reports from prior carriers” & BR() & “Workers Compensation: # Employees, Payroll Amounts”