Know Before You Owe Private Student Loan Act of 2013

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 21 November 2013

   Introduced

   Referred 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.

   Source: IntroReferral

2. 21 November 2013

   Introduced

   Introduced in House

   Source: IntroReferral

3. 21 November 2013

   Introduced

   Introduced in House

   Source: IntroReferral

4. 22 January 2014

   Referred

   Referred to the Subcommittee on Higher Education and Workforce Training.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 21 November 2013 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 21 November 2013

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 21 November 2013

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 21 November 2013

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Polis, Jared [D-CO-2] · D · Sponsor
• Rep. Schwartz, Allyson Y. [D-PA-13] · D · Sponsor
• Rep. Bishop, Timothy H. [D-NY-1] · D · Sponsor
• Rep. Cummings, Elijah E. [D-MD-7] · D · Cosponsor
• Del. Bordallo, Madeleine Z. [D-GU-At Large] · D · Cosponsor
• Rep. Bonamici, Suzanne [D-OR-1] · D · Cosponsor
• · hsed00 · Standing
• · hsba00 · Standing

Related records

• related to ← Know Before You Owe Private Student Loan Act of 2013
• related to ← Student Loan Borrower Bill of Rights