Bill > S1970

This bill, the Informed Student Borrowing Act of 2023, aims to modify the requirements related to financial aid disclosures. The key provisions are: 1. It expands the entrance counseling financial aid disclosures to require institutions to provide information to borrowers on their first disbursement in each award year, rather than just first-time borrowers. This includes details on the need to manually enter the federal loan amount they wish to borrow, sample monthly repayment amounts, median earnings of past students, completion rates, and the annual percentage rate of the loan. 2. It requires borrowers to manually enter the exact dollar amount of federal direct loans they wish to borrow for each award year, either in writing or electronically, as part of the process to accept a student loan award. 3. It mandates that if an institution provides a student with a financial aid award that includes work-study, the institution must explain that the work-study funds are not directly awarded but must be earned through the student's completion of work over time.

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https://www.congress.gov/bill/118th-congress/senate-bill/1970/all-info