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New Student Loan Rules: More Information Before Borrowing

This act changes how students are informed about federal loans. It provides more details before borrowing and regular updates on loan status, even when payments aren't due. The goal is to help students better understand financial consequences and encourage informed borrowing.
Key points
Before taking out a student loan, you will receive detailed information about your estimated monthly payment compared to your estimated after-tax income and living expenses.
You will be required to manually confirm the exact loan amount you wish to borrow, aiming to prevent automatic acceptance of the full available amount.
You will receive quarterly statements about your loan, even when payments are not required, including information on accrued interest and options for early payments.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_3298
Sponsor: Rep. Miller-Meeks, Mariannette [R-IA-1]
Process start date: 2025-05-08
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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

Know Before You Owe Federal Student Loan Act of 2025

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_3298.

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 2025-05-08.

What are the main provisions?

Key points include:

  • Before taking out a student loan, you will receive detailed information about your estimated monthly payment compared to your estimated after-tax income and living expenses.
  • You will be required to manually confirm the exact loan amount you wish to borrow, aiming to prevent automatic acceptance of the full available amount.
  • You will receive quarterly statements about your loan, even when payments are not required, including information on accrued interest and options for early payments.
What is the specific legal status?

The current status is Introduced.

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-1].

What is the latest detailed status?

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

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-22.

CATEGORIES

Education