Empowering Students Through Enhanced Financial Counseling Act

Summary

Empowering Students Through Enhanced Financial Counseling Act This bill modifies student loan counseling requirements applicable to institutions of higher education (IHEs). Currently, an IHE must provide entrance counseling to a student who is a first-time federal student loan borrower. This bill replaces required entrance counseling with required annual financial counseling concerning information on the terms, conditions, and responsibilities of the grant or loan. Also, it expands the required recipients of such annual counseling to include, in addition to student borrowers, Pell Grant recipients and parent PLUS Loan borrowers. In additional, the bill revises, expands, or establishes specific annual counseling information requirements for student borrowers, Pell Grant recipients, or parent PLUS Loan borrowers. The bill revises and expands exit counseling information requirements for borrowers to include an outstanding loan balance summary, the anticipated monthly payments under standard and income-based repayment plans, an explanation of the grace period preceding repayment, the option to pay accrued interest before it capitalizes, the right to request an annual credit report, and loan servicer contact information. It directs the Department of Education to maintain a consumer-tested online counseling tool that provides annual and exit counseling. The Institute of Education Sciences must study the impact and effectiveness of exit counseling, annual counseling, and the online counseling tool.

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Timeline

1. 15 May 2019

   Introduced

   Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

   Source: IntroReferral

2. 15 May 2019

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 15 May 2019 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 15 May 2019

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 15 May 2019

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 15 May 2019

  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

• Sen. Warner, Mark R. [D-VA] · D · Sponsor
• Sen. Gardner, Cory [R-CO] · R · Sponsor
• Sen. Kaine, Tim [D-VA] · D · Sponsor
• Sen. Scott, Tim [R-SC] · R · Sponsor
• · sshr00 · Standing

Related records

• related to → Empowering Students Through Enhanced Financial Counseling Act
• related to ← AID Act
• related to ← College Affordability Act
• related to ← Empowering Students Through Enhanced Financial Counseling Act