arrow_back Back to App

College Cost Transparency, Student Loan Control, and Debt Repayment Reform.

This law mandates clear, standardized financial aid forms so students know exactly what college costs and how much they need to borrow. It establishes a new data system for public access to graduate outcomes and earnings, while also eliminating certain loan programs for graduate and professional students. The goal is to protect citizens from incurring excessive debt for low-value programs.
Key points
Students must manually confirm and enter the exact dollar amount of the federal loan they wish to take out each year, preventing accidental over-borrowing.
Colleges must use a single, standardized Financial Aid Offer Form that clearly separates costs, grants, and loans, showing the true net price.
Starting July 2024, PLUS Loans for graduate students are eliminated, and new, lower limits are placed on Unsubsidized Stafford Loans.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_S_1972
Sponsor: Sen. Cassidy, Bill [R-LA]
Process start date: 2023-06-14
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Lowering Education Costs and Debt Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_1972.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-06-14.

What are the main provisions?

Key points include:

  • Students must manually confirm and enter the exact dollar amount of the federal loan they wish to take out each year, preventing accidental over-borrowing.
  • Colleges must use a single, standardized Financial Aid Offer Form that clearly separates costs, grants, and loans, showing the true net price.
  • Starting July 2024, PLUS Loans for graduate students are eliminated, and new, lower limits are placed on Unsubsidized Stafford 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 Sen. Cassidy, Bill [R-LA].

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 2025-12-30.

CATEGORIES

Education Economy Benefits