S. 1970 · 118th Congress
Informed Student 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
DainesSponsor5 cosponsors · 5 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill revises and expands loan counseling for borrowers of federal student loans.
What it does: CRS summary · Introduced in Senate · Jun 14, 2023
Informed Student Borrowing Act of 2023
This bill revises and expands loan counseling for borrowers of federal student loans.
Specifically, the bill requires an institution of higher education (IHE) that participates in federal student aid programs to provide loan counseling to a student borrower of a federal student loan at the first disbursement of a loan in each award year. 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 loan counseling. For example, required elements of loan counseling must include (1) an explanation that the borrower must affirmatively determine and manually enter the federal loan amount that the borrower will borrow for each award year, and (2) sample monthly repayment amounts based on the standard repayment plan and the most commonly used income-driven repayment plan.
Each IHE must ensure that student borrowers and parent borrowers manually enter the exact dollar amount of the loan that they wish to borrow for the year.
If an IHE provides a student or prospective student with a financial aid award notification that includes funds under the Federal Work-Study Program, then the IHE must ensure that the notification includes an explanation that these funds are not directly awarded to the student or IHE and that such amounts must be earned through the student's completion of work over time.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Informed Student Borrowing Act of 2023
Latest action (Jun 14, 2023): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Policy area: Education · Origin: Senate · Introduced: Jun 14, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.