Know Your Repayment Options Act

Summary

Know Your Repayment Options Act This bill amends the Higher Education Act of 1965 to require the Department of Education (ED) to annually give federal student loan borrowers who have graduated or departed from school detailed information, including monthly amount and lifetime payment amount, for each repayment option available to the borrower. To provide this individualized information to borrowers, ED must establish a process for annual verification of the borrower's annual income and the outstanding balance of principal and interest due on federal loans. Borrowers may opt out of being provided this information.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 14 July 2016

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• Introduced in House (PDF)

  Introduced in House · EN · 14 July 2016

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 14 July 2016

  Open at official source

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