What is the official ID of this bill?
The official print number for this legislation is HR 8243.
State Student Loans: New Rules and Mandatory Federal Option Disclosure.
This law changes rules for state-based education loan programs, exempting them from certain requirements regarding how colleges recommend lenders. Crucially, it mandates that before a student accepts a state-based loan, the college must fully inform them about all available Federal loan options, including income-driven repayment and loan forgiveness opportunities. This ensures students prioritize safer Federal options first before opting for state-based loans.
Key points
State-based student loan programs (not federally funded) are excluded from specific disclosure rules related to preferred lender arrangements.
Colleges must now mandatorily advise students about all benefits of Federal loans (like income-driven repayment and forgiveness) before the student accepts a state-based loan.
State-based loans must offer interest rates and fees that are at least as favorable as Federal Direct PLUS loans.
Status:
Expired
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