HR 3612 · 113th Congress 2013–2015, ended

Know Before You Owe Private Student Loan Act of 2013

Fact sheet

Latest action · Jan 22, 2014 Referred to the Subcommittee on Higher Education and Workforce Training.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedNov 21, 2013
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Know Before You Owe Private Student Loan Act of 2013 - Amends the Truth in Lending Act to require a lender, before issuing a private education loan for a student attending an institution of higher education (IHE), to obtain the IHE's certification of: (1) the student's enrollment status, (2) the student's cost of attendance, and (3) the difference between that cost and the student's estimated financial assistance. Eliminates the requirement that such lenders obtain a self-certification form from the private education loan applicant.

Allows a lender to issue such loan without a certification if there is no response from the relevant IHE within 15 business days of the lender's request for the certification.

Requires private educational lenders to: (1) send loan statements to borrowers at least once every three months a student is enrolled at an IHE; (2) notify the relevant IHE, in writing, 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 Bureau of Consumer Financial Protection (CFPB) containing information the CFPB requires concerning private student loans.

Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require IHEs, before providing lenders with certifications, to determine whether students have exhausted their options for title IV assistance and notify borrowers of: (1) the availability of such 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.

Cosponsors 5

Members who signed on, in the order they did. Signatures ran from Nov 21, 2013 to Dec 4, 2013, with 2 there on the day it was introduced.

SeatCosponsorSigned on
D-PAAllyson Y. SchwartzOriginalNov 21, 2013
D-NYTimothy H. BishopOriginalNov 21, 2013
D-MDElijah E. CummingsDec 2, 2013
D-GUMadeleine Z. BordalloDec 2, 2013
D-ORSuzanne BonamiciDec 4, 2013

Actions 3

Everything that happened, newest first.

  1. Jan 22, 2014Referred to the Subcommittee on Higher Education and Workforce Training.
  2. Nov 21, 2013Introduced in House
  3. Nov 21, 2013Referred to the Committee on Education and the Workforce, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Related bills 2

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
S 113Know Before You Owe Private Student Loan Act of 2013Identical billJan 23, 2013
S 1803Student Loan Borrower Bill of RightsRelated billJun 4, 2014

Subjects

Assigned by the Library of Congress. Policy area: Education.

Text 1

Each version as it was printed, newest first.

  1. Nov 21, 2013Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.