Informed Student Borrowing Act of 2023
Latest action · Jun 14, 2023 Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
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.
- IntroducedJun 14, 2023
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 5
Members who signed on, in the order they did. Signatures ran from Jun 14, 2023 to Jul 10, 2023, with 3 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-LA | Bill Cassidy | Original | Jun 14, 2023 |
| R-TN | Marsha Blackburn | Original | Jun 14, 2023 |
| R-WV | Shelley Moore Capito | Original | Jun 14, 2023 |
| R-MS | Cindy Hyde-Smith | Jun 15, 2023 | |
| R-AL | Tommy Tuberville | Jul 10, 2023 |
Actions 2
Everything that happened, newest first.
- Jun 14, 2023Introduced in Senate
- Jun 14, 2023Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1972 | Lowering Education Costs and Debt Act | Related bill | Jun 14, 2023 |
| HR 4616 | Informed Student Borrowing Act of 2023 | Identical bill | Jul 13, 2023 |
Subjects
Assigned by the Library of Congress. Policy area: Education.
Text 1
Each version as it was printed, newest first.
- Jun 14, 2023Introduced 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.