US HB3179 | 2015-2016 | 114th Congress

Status

Spectrum: Bipartisan Bill
Status: Engrossed on July 12 2016 - 50% progression, died in committee
Action: 2016-07-12 - Received in the Senate and 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 (Engrossed) [PDF]

Summary

Empowering Students Through Enhanced Financial Counseling Act (Sec. 2) This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to modify loan counseling requirements for an institution of higher education (IHE) that participates in federal student aid programs. 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 counseling. Also, it expands the required recipients of such annual counseling to include, in addition to student borrowers, Federal Pell Grant recipients and parent PLUS Loan borrowers. Each annual counseling recipient must receive comprehensive information on the terms, conditions, and responsibilities with respect to a grant or loan and general information on a typical student budget, the right to request an annual credit report, average income and employment data, and financial management resources. Additionally, the bill revises, expands, or establishes specific annual counseling information requirements for student borrowers, Pell Grant recipients, or parent PLUS Loan borrowers. (Sec. 3) The legislation revises and expands exit counseling information requirements 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. (Sec. 4) It directs ED to maintain a consumer-tested online counseling tool that provides annual and exit counseling. (Sec. 5) The Institute of Education Sciences must study the impact and effectiveness of exit counseling, annual counseling, and the online counseling tool. (Sec. 6) No additional funds are authorized to carry out the requirements of this bill.

Tracking Information

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Title

Empowering Students Through Enhanced Financial Counseling Act

Sponsors


History

DateChamberAction
2016-07-12SenateReceived in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
2016-07-11HouseMotion to reconsider laid on the table Agreed to without objection.
2016-07-11HouseOn motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4607-4609)
2016-07-11HouseDEBATE - The House proceeded with forty minutes of debate on H.R. 3179.
2016-07-11HouseConsidered under suspension of the rules. (consideration: CR H4607-4611)
2016-07-11HouseMr. Guthrie moved to suspend the rules and pass the bill, as amended.
2016-07-11HousePlaced on the Union Calendar, Calendar No. 523.
2016-07-11HouseReported (Amended) by the Committee on Education and the Workforce. H. Rept. 114-675.
2016-06-22HouseOrdered to be Reported (Amended) by Voice Vote.
2016-06-22HouseCommittee Consideration and Mark-up Session Held.
2015-11-16HouseReferred to the Subcommittee on Higher Education and Workforce Training.
2015-07-23HouseReferred to the House Committee on Education and the Workforce.
2015-07-23HouseIntroduced in House

Subjects


US Congress State Sources


Bill Comments

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