S. 2184 · 116th Congress
Know Before You Owe Private Education Loan Act of 2019
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
DurbinSponsor5 cosponsors · 5 D
5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill expands requirements for lenders and institutions of higher education (IHEs) with respect to the certification of private education loans.
What it does: CRS summary · Introduced in Senate · Jul 18, 2019
Know Before You Owe Private Education Loan Act of 2019
This bill expands requirements for lenders and institutions of higher education (IHEs) with respect to the certification of private education loans.
Specifically, the bill revises requirements for disclosures in private education loan applications. Before issuing a private education loan for a student attending an IHE, lenders must obtain the IHE's certification of the student's enrollment status, the student's cost of attendance, and the difference between that cost and the student's estimated financial assistance.
Lenders must (1) send loan statements to borrowers at least once every three months a student is enrolled at an IHE, (2) notify the relevant IHE of the loan amount and the student to whom it applies no later than the date funds are issued, and (3) submit an annual report to the Consumer Financial Protection Bureau (CFPB) containing information the CFPB requires concerning private student loans.
The bill requires IHEs, before providing lenders with certifications, to determine whether students have exhausted their options for federal financial aid assistance and notify borrowers of (1) the availability of assistance, (2) their ability to choose their own private educational lender, (3) the impact of the proposed private education loan on their eligibility for other financial assistance, and (4) their right to accept or reject a private education loan within 30 days of the lender's approval of their application and to cancel the loan within 3 business days of its consummation.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Know Before You Owe Private Education Loan Act of 2019
Latest action (Jul 18, 2019): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S4952-4953)
Policy area: Education · Origin: Senate · Introduced: Jul 18, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.