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)
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.
- IntroducedJul 18, 2019
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 5
Members who signed on, in the order they did. All signed on Jul 18, 2019.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MD | Benjamin L. Cardin | Original | Jul 18, 2019 |
| D-RI | Jack Reed | Original | Jul 18, 2019 |
| D-OH | Sherrod Brown | Original | Jul 18, 2019 |
| D-WI | Tammy Baldwin | Original | Jul 18, 2019 |
| D-MN | Tina Smith | Original | Jul 18, 2019 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Jul 18, 2019 |
Actions 2
Everything that happened, newest first.
- Jul 18, 2019Introduced in Senate
- Jul 18, 2019Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S4952-4953)
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Text printed S4952 | Richard J. Durbin D-IL (text) | Jul 18, 2019 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1354 | Student Loan Borrower Bill of Rights | Related bill | May 7, 2019 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Truth in Lending Act and the Higher Education Act of 1965 to require certain creditors to obtain certifications from institutions of higher education, and for other purposes.
- Short Title(s) as Introduced
- Know Before You Owe Private Education Loan Act of 2019
Subjects
Assigned by the Library of Congress. Policy area: Education.
- Administrative law and regulatory procedures
- Banking and financial institutions regulation
- Congressional oversight
- Consumer affairs
- Consumer Financial Protection Bureau
- Credit and credit markets
- Education
- Government information and archives
- Government lending and loan guarantees
- Higher education
- Student aid and college costs
Text 1
Each version as it was printed, newest first.
- Jul 18, 2019Introduced in Senate
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
