3.0.0 113 2022-11-15T16:34:17Z 2022-11-15T16:34:17Z Senate S S 2013-01-23 113 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2013-01-23T20:24:34Z Student Loan Borrower Bill of Rights 113 1803 S 2014-06-04 Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held. With printed Hearing: S.Hrg. 113-445. Related bill CRS Know Before You Owe Private Student Loan Act of 2013 113 3612 HR 2014-01-22 Referred to the Subcommittee on Higher Education and Workforce Training. Identical bill CRS 2013-01-23 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S221-222) IntroReferral 2013-01-23 Sponsor introductory remarks on measure. (CR S220-221) IntroReferral B00100 9 Library of Congress 2013-01-23 Introduced in Senate IntroReferral 10000 9 Library of Congress D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. N H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD 2013-01-23 True F000457 Sen. Franken, Al [D-MN] Al Franken D MN 2013-01-23 True R000361 Sen. Rockefeller, John D., IV [D-WV] JAY ROCKEFELLER D WV 2013-02-04 False R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. 2013-02-28 False S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2013-03-22 False M001111 Sen. Murray, Patty [D-WA] Patty Murray D WA 2013-06-07 False B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI 2013-06-07 False C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2013-06-13 False B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2014-03-31 False Education Administrative law and regulatory procedures Banking and financial institutions regulation Consumer Financial Protection Bureau Consumer affairs Credit and credit markets Government information and archives Government lending and loan guarantees Higher education Student aid and college costs Education 00 2013-01-23 Introduced in Senate 2014-01-24T14:41:36Z Know Before You Owe Private Student Loan Act of 2013 - Amends the Truth in Lending Act to require a lender, before issuing a private education loan for a student attending an institution of higher education (IHE), to obtain the IHE's certification of: (1) the student's enrollment status, (2) the student's cost of attendance, and (3) the difference between that cost and the student's estimated financial assistance. Eliminates the requirement that such lenders obtain a self-certification form from the private education loan applicant.

Allows a lender to issue such loan without a certification if there is no response from the relevant IHE within 15 business days of the lender's request for the certification.

Requires private educational lenders to: (1) send loan statements to borrowers at least once every three months a student is enrolled at an IHE; (2) notify the relevant IHE, in writing, of the loan amount and the student to whom it applies no later than the date funds are issued; and (3) submit an annual report to the Consumer Financial Protection Bureau (CFPB) containing information the CFPB requires concerning private student loans.

Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require IHEs, before providing lenders with certifications, to determine whether students have exhausted their options for title IV assistance and notify borrowers of: (1) the availability of such assistance, (2) their ability to choose their own private educational lender, (3) the impact of the proposed private education loan on their eligibility for other financial assistance, and (4) their right to accept or reject a private education loan within 30 days of the lender's approval of their application and to cancel the loan within 3 business days of its consummation.

]]> Know Before You Owe Private Student Loan Act of 2013 Display Title Know Before You Owe Private Student Loan Act of 2013 Short Titles as Introduced Know Before You Owe Private Student Loan Act of 2013 Official Title as Introduced A bill to amend the Truth in Lending Act and the Higher Education Act of 1965 to require certain creditors to obtain certifications from institutions of higher education, and for other purposes. Introduced in Senate 2013-01-23T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s113is/xml/BILLS-113s113is.xml 2013-01-23 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S221-222) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.