arrow_back Back to App

More Information Before Taking Federal Student Loans

New rules aim to better inform students about federal loans. They will increase awareness of costs, potential earnings, and repayment options, helping them make more informed financial decisions. You will also receive regular updates on your loan status, even when you are not required to make payments.
Key points
Mandatory counseling before taking out each new student loan, with estimates of monthly payments compared to projected after-tax income and living expenses.
Requirement for students to manually enter the exact dollar amount of the loan they wish to borrow, instead of automatically accepting the full available amount.
Quarterly statements for borrowers not yet repaying their loans, detailing principal amount, interest, fees, and the impact of not paying interest on the total loan cost.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_8923
Sponsor: Rep. Miller-Meeks, Mariannette [R-IA-2]
Process start date: 2022-09-20
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Know Before You Owe Federal Student Loan Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_8923.

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 2022-09-20.

What are the main provisions?

Key points include:

  • Mandatory counseling before taking out each new student loan, with estimates of monthly payments compared to projected after-tax income and living expenses.
  • Requirement for students to manually enter the exact dollar amount of the loan they wish to borrow, instead of automatically accepting the full available amount.
  • Quarterly statements for borrowers not yet repaying their loans, detailing principal amount, interest, fees, and the impact of not paying interest on the total loan cost.
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. Miller-Meeks, Mariannette [R-IA-2].

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