Know Before You Owe Private Education Loan Act of 2019

Summary

Know Before You Owe Private Education Loan Act of 2019 This bill expands requirements for lenders and institutions of higher education (IHEs) with respect to the certification of private education loans. Specifically, the bill revises requirements for disclosures in private education loan applications. Before issuing a private education loan for a student attending an IHE, lenders must obtain the IHE's certification of the student's enrollment status, the student's cost of attendance, and the difference between that cost and the student's estimated financial assistance. Lenders must (1) send loan statements to borrowers at least once every three months a student is enrolled at an IHE, (2) notify the relevant IHE 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 Consumer Financial Protection Bureau (CFPB) containing information the CFPB requires concerning private student loans. The bill requires IHEs, before providing lenders with certifications, to determine whether students have exhausted their options for federal financial aid assistance and notify borrowers of (1) the availability of 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.

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Timeline

1. 18 July 2019

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S4952-4953)

   Source: IntroReferral

2. 18 July 2019

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 18 July 2019 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 18 July 2019

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 18 July 2019

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 18 July 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. Durbin, Richard J. [D-IL] · D · Sponsor
• Sen. Reed, Jack [D-RI] · D · Sponsor
• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• Sen. Cardin, Benjamin L. [D-MD] · D · Sponsor
• Sen. Baldwin, Tammy [D-WI] · D · Sponsor
• Sen. Smith, Tina [D-MN] · D · Sponsor
• · ssbk00 · Standing

Related records

• related to → Student Loan Borrower Bill of Rights