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United States · Bill · S

S. 887 (116th)

Know Before You Owe Federal Student Loan Act of 2019

referredUnited States· United States Congress· EN

Introduced

27 March 2019

Last action

27 March 2019 · Introduced

Status

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

Sponsors

Sen. Grassley, Chuck [R-IA], Sen. Smith, Tina [D-MN], Sen. Ernst, Joni [R-IA], Sen. Cassidy, Bill [R-LA], Sen. Cornyn, John [R-TX]

Subjects

Taxation, Education

Source updated

21 April 2025

Taxation · Education

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Summary

Know Before You Owe Federal Student Loan Act of 2019 This bill expands lender disclosure requirements and modifies loan counseling requirements. A lender must provide a quarterly statement to a Federal Family Education Loan or Direct Loan borrower during a period when loan payments are not required, including specified information on the loan and interest amounts. The statement must also explain the option to pay accrued interest while a student is in deferment or forbearance. The bill requires an institution of higher education (IHE) that participates in federal student aid programs to provide pre-loan counseling to a student borrower of a federal student loan upon or prior to the first disbursement of each new loan. Currently, an IHE must provide one-time entrance counseling to a student who is a first-time federal student loan borrower. The bill also revises and expands required elements of pre-loan counseling to include an estimate of the borrower's monthly payment amount compared to the borrower's estimated monthly income after taxes and other expenses, a statement to borrow the minimum necessary amount, a warning that a high debt-to-income ratio makes repayment more difficult, options to reduce borrowing, and an explanation of the importance of on-time graduation. Prior to certifying a Federal Direct Loan disbursement to a student, an IHE must ensure that the student manually enters the exact dollar amount of the loan.

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

Timeline

  1. 27 March 2019

    Introduced

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

    Source: IntroReferral

  2. 27 March 2019

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 27 March 2019

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  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 27 March 2019

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 27 March 2019

    Open at official source

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Sponsors

Related records

Sources

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