Bill Text: MI HB5071 | 2017-2018 | 99th Legislature | Engrossed
Bill Title: Higher education; financial aid; annual disclosure of certain information concerning federal student loans taken out by each student; require colleges and universities to provide. Creates new act.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2017-12-05 - Referred To Committee On Education [HB5071 Detail]
Download: Michigan-2017-HB5071-Engrossed.html
HB-5071, As Passed House, November 29, 2017
SUBSTITUTE FOR
HOUSE BILL NO. 5071
(as amended November 9, 2017)
A bill to require institutions of higher education to make
certain disclosures to students concerning their federal student
loans; and to provide for the powers and duties of certain state
and local governmental officers and entities.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 1. This act shall be known and may be cited as the
"federal student loan disclosure act".
Sec. 2. As used in this act:
(a) "Institution of higher education" means a degree or
certificate granting public or private college or university,
junior college, or community college in this state.
(b) "Student loan" means a federal [direct] loan disbursed to a
student
to pay for education-related expenses.
Sec. 3. (1) Beginning with the 2018-2019 academic year, an
House Bill No. 5071 as amended November 9, 2017
institution of higher education that receives student loan
information for [all student loans taken out by] a student
enrolled in that institution shall
annually provide to that student all of the following information
in print or electronic format:
(a) An estimate of all of the following:
(i) The total amount of student loans taken out by the student
for enrollment in an undergraduate or graduate program, whichever
is applicable, at [an ] institution of higher education.
(ii) The potential total payoff amount of the student loans
incurred or a range of the total payoff amount.
(iii) Monthly repayment amounts based on a standard repayment
plan that a similarly situated borrower may incur, including
principal and interest, for the amount of the student loans that
the student has taken out at the time the information is provided.
[
]
(b) Identification of resources that the student may use to
learn more about student loans generally.
(c) A statement informing the student that the total amount of
the student loans reported under subdivision (a)(i) does not
include grants that the student may have received and that grants
do not require repayment.
(d) Information about any student loan counseling services
that the institution of higher education may offer.
(e) Identification of resources that the student may use to
learn about employment prospects for one who has recently completed
the same or similar course of study as the student is pursuing.
(2) The information provided under this section may include a
statement that the estimates and ranges provided are general in
nature and not meant as a guarantee or promise of the actual
projected amounts.
(3) An institution of higher education does not incur
liability for any representations made under this section.
