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CS/SB 396 — Student Loan Debt
by Education Committee and Senators Hukill and Bean
This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.
Prepared by: Education Committee (ED)
The bill requires certain postsecondary education institutions to provide information regarding student loans to students. Specifically, the bill:
- Defines “student loans” to mean federal loans disbursed to a student to pay for education-related expenses.
- Requires a postsecondary education institution that disburses state financial aid to annually, or once during each academic year, provide the following up-to-date information, in print or electronic format, to each student receiving student loans:
- An estimate of the student’s total amount of borrowed student loans.
- An estimate of the student’s total potential loan repayment amount associated with the total amount of student loans borrowed by the student.
- An estimate of the student’s monthly loan repayment amount for the student’s total amount of borrowed student loans.
- The percentage of the borrowing limit that the student has reached at the time the information is provided.
- Provides that an institution does not incur liability for providing the specified information.
If approved by the Governor, these provisions take effect July 1, 2017.
Vote: Senate 35-0; House 115-0