Lowering Education Costs and Debt Act

Summary

Lowering Education Costs and Debt Act This bill makes various changes to the federal student loan system, including by addressing options for student loan repayment. First, the bill requires the National Center for Education Statistics to establish a secure and privacy-protected data system that contains information about postsecondary students. Second, the bill requires the Department of Education (ED) to develop standard terminology and a format for financial aid offer forms based on recommendations from representatives of certain groups. Each institution of higher education (IHE) that participates in federal student aid programs must (1) use the standard form when offering financial aid to students, and (2) use the standard terminology and definitions developed by ED for all communications related to financial aid offers. The bill revises and expands loan counseling for borrowers of federal student loans. For example, the bill requires an 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. Additionally, the bill addresses options for student loan repayment and access to federal student loans. For example, the bill consolidates existing repayment plans into two options: a standard 10-year repayment plan and an income-driven repayment plan. The bill limits federal student loan borrowing for graduate and professional students by (1) terminating the ability of a graduate or professional student to receive a Direct PLUS Loan, and (2) reducing the aggregate loan limits for Direct Unsubsidized Loans.   

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Timeline

1. 14 June 2023

   Introduced

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

   Source: IntroReferral

2. 14 June 2023

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 14 June 2023 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 14 June 2023

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 14 June 2023

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 14 June 2023

  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. Cassidy, Bill [R-LA] · R · Sponsor
• Sen. Cornyn, John [R-TX] · R · Sponsor
• Sen. Grassley, Chuck [R-IA] · R · Sponsor
• Sen. Scott, Tim [R-SC] · R · Sponsor
• Sen. Tuberville, Tommy [R-AL] · R · Sponsor
• Sen. Tillis, Thomas [R-NC] · R · Cosponsor
• · sshr00 · Standing

Related records

• related to → Understanding the True Cost of College Act of 2023
• related to → College Transparency Act
• related to → Understanding the True Cost of College Act of 2023
• related to → College Transparency Act
• related to ← Streamlining Accountability and Value in Education for Students Act
• related to ← Informed Student Borrowing Act of 2023
• related to ← Graduate Opportunity and Affordable Loans Act
• related to ← Informed Student Borrowing Act of 2023