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Easier Rules for State-Based Student Loan Programs

This act aims to simplify operations for state-based student loan programs not funded by the federal government. This could give students more options for financing their education, provided they are informed about federal loan options and their terms.
Key points
State-based education loan programs meeting specific criteria will be exempt from certain federal requirements for preferred lender arrangements.
To qualify, state programs must offer loan terms at least as favorable as federal Direct PLUS loans.
Students must be advised by their colleges about exhausting federal loan eligibility before taking private loans, including details on interest rates, fees, repayment options, and tax benefits of federal loans.
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Additional Information
Print number: 117_HR_7588
Sponsor: Rep. Sessions, Pete [R-TX-17]
Process start date: 2022-04-26
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

State-Based Education Loan Awareness Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7588.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-04-26.

What are the main provisions?

Key points include:

  • State-based education loan programs meeting specific criteria will be exempt from certain federal requirements for preferred lender arrangements.
  • To qualify, state programs must offer loan terms at least as favorable as federal Direct PLUS loans.
  • Students must be advised by their colleges about exhausting federal loan eligibility before taking private loans, including details on interest rates, fees, repayment options, and tax benefits of federal loans.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Sessions, Pete [R-TX-17].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Education and Labor.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Education