S. 2459 · 113th Congress
Know Before You Owe Federal Student Loan Act of 2014
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
GrassleySponsorNo cosponsors.
Know Before You Owe Federal Student Loan Act of 2014 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require institutions of higher education (IHEs) to provide pre-loan counseling at or prior to the first disbursement of a new loan to a student borrower under the William D. Ford Federal Direct Loan program.
What it does: CRS summary · Introduced in Senate · Jun 10, 2014
Know Before You Owe Federal Student Loan Act of 2014 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require institutions of higher education (IHEs) to provide pre-loan counseling at or prior to the first disbursement of a new loan to a student borrower under the William D. Ford Federal Direct Loan program. (Currently, such counseling is limited to students who are first-time borrowers of such loans.)
Adds to the information to be provided to students as part of such counseling:
- an estimate of their projected loan debt-to-income ratio upon graduation and their estimated total student loan debt, calculated for their particular program of study;
- a statement that they should borrow the minimum amount necessary to cover expenses;
- information about the default risk of having a projected loan debt-to-income ratio greater than 12%;
- options for reducing borrowing through scholarships, reduced expenses, work-study, or other work opportunities; and
- an explanation of the importance of graduating on time and of how adding an additional year of study impacts total indebtedness.
Requires each IHE, prior to certifying a Federal Direct Loan for disbursement to a student borrower, to ensure that the student manually enters, either in writing or through electronic means, the exact dollar amount of such loan that the student desires to borrow.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Know Before You Owe Federal Student Loan Act of 2014
Latest action (Jun 11, 2014): Sponsor introductory remarks on measure. (CR S3596-3597)
Policy area: Education · Origin: Senate · Introduced: Jun 10, 2014
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.