US Congress Senate Bill 2184 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 6-0)
Status: Introduced on July 18 2019 - 25% progression, died in committee
Action: 2019-07-18 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S4952-4953)
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

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.

Know Before You Owe Private Education Loan Act of 2019

Sen. Richard Durbin [D-IL]	Sen. Jack Reed [D-RI]	Sen. Sherrod Brown [D-OH]	Sen. Benjamin Cardin [D-MD]
Sen. Tammy Baldwin [D-WI]	Sen. Tina Smith [D-MN]

Date	Chamber	Action
2019-07-18	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S4952-4953)

SB1354 (Related) 2019-05-07 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/2184/all-info
Text	https://www.congress.gov/116/bills/s2184/BILLS-116s2184is.pdf