US SB1496 | 2019-2020 | 116th Congress

Status

Spectrum: Bipartisan Bill
Status: Introduced on May 15 2019 - 25% progression
Action: 2019-05-15 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Pending: Senate Health, Education, Labor, And Pensions Committee
Text: Latest bill text (Introduced) [PDF]

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.

Tracking Information

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Title

Empowering Students Through Enhanced Financial Counseling Act

Sponsors


History

DateChamberAction
2019-05-15SenateRead twice and referred to the Committee on Health, Education, Labor, and Pensions.

Same As/Similar To

HB2129 (Related) 2019-04-08 - Referred to the House Committee on Education and Labor.
HB3101 (Related) 2019-06-24 - Referred to the Subcommittee on Nutrition, Oversight, and Department Operations.
HB4674 (Related) 2019-10-30 - Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 22.

Subjects


US Congress State Sources


Bill Comments

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