H.R. 8923 · 117th Congress
Know Before You Owe Federal Student Loan Act of 2022
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
Miller-MeeksSponsor5 cosponsors · 5 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill expands lender disclosure requirements and revises loan counseling requirements.
What it does: CRS summary · Introduced in House · Sep 20, 2022
Know Before You Owe Federal Student Loan Act of 2022
This bill expands lender disclosure requirements and revises loan counseling requirements.
First, the bill requires a lender to provide a quarterly statement to a Federal Family Education Loan or Direct Loan borrower during a period when loan payments are not required. The statement must include specified information on the loan and interest amounts and explain the option to pay accrued interest while in deferment or forbearance.
In addition, the bill requires an institution of higher education (IHE) that participates in federal student-aid programs to provide pre-loan counseling to a student borrower of a federal student loan upon or prior to the first disbursement of each new loan. Currently, an IHE must provide one-time entrance counseling to a student who is a first-time federal student loan borrower.
The bill also revises and expands required elements of pre-loan counseling to include an estimate of the borrower's monthly payment amount compared to the borrower's estimated monthly income after taxes and other expenses, a statement to borrow the minimum necessary amount, a warning that a high debt-to-income ratio makes repayment more difficult, options to reduce borrowing, and an explanation of the importance of on-time graduation.
Prior to certifying a Federal Direct Loan disbursement to a student, an IHE must ensure that the student manually enters the exact dollar amount of the loan.
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 2022
Latest action (Sep 20, 2022): Referred to the House Committee on Education and Labor.
Policy area: Education · Origin: House · Introduced: Sep 20, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.