Bill > HR4616

This bill, the Informed Student Borrowing Act of 2023, aims to modify requirements related to financial aid disclosures. The key provisions include: (1) expanding entrance counseling requirements to cover the first disbursement in each award year, rather than just the first-time borrowers; (2) requiring institutions to provide more detailed information to borrowers, such as sample monthly repayment amounts, median annual earnings of former students, and the percentage of borrowers in active repayment; and (3) mandating that borrowers manually enter the exact dollar amount of federal student loans they wish to borrow for each award year, rather than accepting the maximum amount for which they are eligible. Additionally, the bill requires institutions to explain that work-study funds are not directly awarded but must be earned through the student's completion of work over time.

Education

https://www.congress.gov/bill/118th-congress/house-bill/4616/all-info