3.0.0 8923 2023-08-11T21:15:19Z 2023-08-11T21:15:19Z House HR 2022-09-20 117 [Congressional Record Volume 168, Number 151 (Tuesday, September 20, 2022)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mrs. MILLER-MEEKS:H.R. 8923.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8 of the U.S.C.[Page H8011]]]> hsed00 Education and the Workforce Committee House Standing Referred to 2022-09-20T14:01:15Z Know Before You Owe Federal Student Loan Act of 2021 117 1445 S 2021-04-29 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Related bill CRS 2022-09-20 Referred to the House Committee on Education and Labor. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2022-09-20 Introduced in House IntroReferral Intro-H 9 Library of Congress 2022-09-20 Introduced in House IntroReferral 1000 9 Library of Congress M001215 Rep. Miller-Meeks, Mariannette [R-IA-2] Mariannette Miller-Meeks R IA 2 N F000466 Rep. Fitzpatrick, Brian K. [R-PA-1] Brian Fitzpatrick R PA K. 1 2022-09-20 True H001067 Rep. Hudson, Richard [R-NC-8] Richard Hudson R NC 8 2022-09-20 True G000563 Rep. Gibbs, Bob [R-OH-7] Bob Gibbs R OH 7 2022-09-20 True G000593 Rep. Gimenez, Carlos A. [R-FL-26] Carlos Gimenez R FL A. 26 2022-09-21 False C001118 Rep. Cline, Ben [R-VA-6] Ben Cline R VA 6 2022-09-30 False Education Education 00 2022-09-20 Introduced in House 2023-08-11T21:10:57Z Know Before You Owe Federal Student Loan Act of 2022

This bill expands lender disclosure requirements and revises loan counseling requirements.

First, the bill requires a lender to provide a quarterly statement to a Federal Family Education Loan or Direct Loan borrower during a period when loan payments are not required. The statement must include specified information on the loan and interest amounts and explain the option to pay accrued interest while in deferment or forbearance.

In addition, the bill requires an institution of higher education (IHE) that participates in federal student-aid programs to provide pre-loan counseling to a student borrower of a federal student loan upon or prior to the first disbursement of each new loan. Currently, an IHE must provide one-time entrance counseling to a student who is a first-time federal student loan borrower.

The bill also revises and expands required elements of pre-loan counseling to include an estimate of the borrower's monthly payment amount compared to the borrower's estimated monthly income after taxes and other expenses, a statement to borrow the minimum necessary amount, a warning that a high debt-to-income ratio makes repayment more difficult, options to reduce borrowing, and an explanation of the importance of on-time graduation.

Prior to certifying a Federal Direct Loan disbursement to a student, an IHE must ensure that the student manually enters the exact dollar amount of the loan.

]]> Know Before You Owe Federal Student Loan Act of 2022 Display Title Know Before You Owe Federal Student Loan Act of 2022 Short Title(s) as Introduced Know Before You Owe Federal Student Loan Act of 2022 Introduced in House IH Official Title as Introduced To revise counseling requirements for certain borrowers of student loans, and for other purposes. Introduced in House IH Introduced in House 2022-09-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr8923ih/xml/BILLS-117hr8923ih.xml 2022-09-20 Referred to the House Committee on Education and Labor. 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.