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State-Based Education Loan Awareness Act: Easing State Program Rules

This act aims to simplify operations for state-based education loan programs by excluding them from certain preferred lender requirements. This means loans offered by state agencies or non-profit organizations, not federally funded, will have more flexibility. Importantly, students will still be informed about available federal loans and their beneficial terms before taking out a state-based loan.
Key points
State-based education loan programs will face less red tape, potentially making them easier to operate.
These loans must offer terms (interest rates, fees) at least as favorable as federal Direct PLUS loans.
Students will still be advised of all federal loan options, including income-driven repayment and forgiveness, before accepting a state-based loan.
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Expired
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Additional Information
Print number: 117_S_2984
Sponsor: Sen. Murkowski, Lisa [R-AK]
Process start date: 2021-10-07
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Summarized by: gemini-2.5-flash-preview-05-20
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_S_2984.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-10-07.

What are the main provisions?

Key points include:

  • State-based education loan programs will face less red tape, potentially making them easier to operate.
  • These loans must offer terms (interest rates, fees) at least as favorable as federal Direct PLUS loans.
  • Students will still be advised of all federal loan options, including income-driven repayment and forgiveness, before accepting a state-based loan.
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 Sen. Murkowski, Lisa [R-AK].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Education