US SB1496 | 2019-2020 | 116th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on May 15 2019 - 25% progression, died in committee
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]
Status: Introduced on May 15 2019 - 25% progression, died in committee
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
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. 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.
Title
Empowering Students Through Enhanced Financial Counseling Act
Sponsors
Sen. Mark Warner [D-VA] | Sen. Cory Gardner [R-CO] | Sen. Tim Kaine [D-VA] | Sen. Tim Scott [R-SC] |
History
Date | Chamber | Action |
---|---|---|
2019-05-15 | Senate | Read 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) 2020-12-28 - Placed on the Union Calendar, Calendar No. 583.
HB3101 (Related) 2019-06-24 - Referred to the Subcommittee on Nutrition, Oversight, and Department Operations.
HB4674 (Related) 2020-12-28 - Placed on the Union Calendar, Calendar No. 583.
Subjects
Consumer affairs
Education
Educational guidance
Government information and archives
Government lending and loan guarantees
Government studies and investigations
Higher education
Interest, dividends, interest rates
School administration
Student aid and college costs
Education
Educational guidance
Government information and archives
Government lending and loan guarantees
Government studies and investigations
Higher education
Interest, dividends, interest rates
School administration
Student aid and college costs
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/1496/all-info |
Text | https://www.congress.gov/116/bills/s1496/BILLS-116s1496is.pdf |