H.R. 3414 · 118th Congress
Responsible Borrowing Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
GrothmanSponsor5 cosponsors · 5 R
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill authorizes institutions of higher education (IHEs) to prorate or limit the amount of a Federal Direct Loan that an enrolled student may borrow for an academic year or in the aggregate.
What it does: CRS summary · Introduced in House · May 17, 2023
Responsible Borrowing Act of 2023
This bill authorizes institutions of higher education (IHEs) to prorate or limit the amount of a Federal Direct Loan that an enrolled student may borrow for an academic year or in the aggregate.
The bill specifies the factors that an IHE may use to limit these loans. These factors include the average or median starting salary for typical occupations pursued by graduates of the program (or the median earnings of students who complete such program), the enrollment status of the student (i.e., full- or part-time enrollment), the credential level of the program (e.g., degree or certificate), and the year of the program for which the student is seeking the loan.
Upon request of a student whose loan has been prorated or limited, an IHE may increase the amount of the loan within otherwise applicable limits at the discretion of the IHE's financial aid administrator.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Responsible Borrowing Act of 2023
Latest action (May 17, 2023): Referred to the House Committee on Education and the Workforce.
Policy area: Education · Origin: House · Introduced: May 17, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.