3.0.0 2184 2022-11-01T13:50:31Z 2022-11-01T13:50:31Z Senate S 2019-07-18 116 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2019-07-18T20:03:51Z Student Loan Borrower Bill of Rights 116 1354 S 2019-05-07 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Related bill CRS 2019-07-18 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S4952-4953) IntroReferral 2019-07-18 Introduced in Senate IntroReferral 10000 9 Library of Congress D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. N R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. 2019-07-18 True B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2019-07-18 True C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2019-07-18 True B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI 2019-07-18 True S001203 Sen. Smith, Tina [D-MN] Tina Smith D MN 2019-07-18 True Education Administrative law and regulatory procedures Banking and financial institutions regulation Congressional oversight 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 2019-07-18 Introduced in Senate 2021-01-14T17:31:55Z Know Before You Owe Private Education Loan Act of 2019

This bill expands requirements for lenders and institutions of higher education (IHEs) with respect to the certification of private education loans.

Specifically, the bill revises requirements for disclosures in private education loan applications. Before issuing a private education loan for a student attending an IHE, lenders must obtain the IHE's certification of the student's enrollment status, the student's cost of attendance, and the difference between that cost and the student's estimated financial assistance.

Lenders must (1) send loan statements to borrowers at least once every three months a student is enrolled at an IHE, (2) notify the relevant IHE 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.

The bill requires IHEs, before providing lenders with certifications, to determine whether students have exhausted their options for federal financial aid assistance and notify borrowers of (1) the availability of 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 Education Loan Act of 2019 Display Title Know Before You Owe Private Education Loan Act of 2019 Short Title(s) as Introduced Know Before You Owe Private Education Loan Act of 2019 Introduced in Senate IS 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 IS Introduced in Senate 2019-07-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s2184is/xml/BILLS-116s2184is.xml 2019-07-18 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S4952-4953) 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.