H.R.6273 - Know Before You Owe Private Student Loan Act of 2012

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. view all titles (2)

Close

All Bill Titles

  • Official: 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. as introduced.
  • Short: Know Before You Owe Private Student Loan Act of 2012 as introduced.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Bill's Views

  • Today: 2
  • Past Seven Days: 10
  • All-Time: 646
 
Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
08/01/12
 
 
 
 
 
 
 

Official Bill Text Comment on about 9 Pages

Sponsor

Representative

Jared Polis

D-CO

View Co-Sponsors (7)

Official Summary

8/2/2012--Introduced.Know Before You Owe Private Student Loan Act of 2012 - Amends the Truth in Lending Act to require a lender, before issuing a private education loan for a student attending an institution of higher education (IHE), to obtain the IHE's certification of: (1) the stud
Close

Official Summary

8/2/2012--Introduced.Know Before You Owe Private Student Loan Act of 2012 - Amends the Truth in Lending Act to require a lender, before issuing a private education loan for a student attending an institution of higher education (IHE), to obtain the IHE's certification of:
(1) the student's enrollment status,
(2) the student's cost of attendance, and
(3) the difference between that cost and the student's estimated financial assistance. Eliminates the requirement that such lenders obtain a self-certification form from the private education loan applicant. Allows a lender to issue such loan without a certification if there is no response from the relevant IHE within 15 business days of the lender's request for the certification. Requires private educational lenders to:
(1) send loan statements to borrowers at least once every month a student is enrolled at an IHE;
(2) notify the relevant IHE, in writing, 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. Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require IHEs, before providing lenders with certifications, to determine whether students have exhausted their options for title IV assistance and notify borrowers of:
(1) the availability of such 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.

...Read the Rest


Latest Letters to Congress

See All Letters (3)
 


Vote on This Bill

100% Users Support Bill

2 in favor / 0 opposed
 

Send Your Rep a Letter

about this bill Support Oppose Tracking
Track with MyOC
Save to Notebook Make A Bill Widget

OC Blog Articles Related To This Bill

Recent OC Blog Articles

OpenCongress is a free and open-source project of the Participatory Politics Foundation, a 501(c)3 non-profit organization with a mission to increase civic engagement. The non-profit Sunlight Foundation is the Founding and Primary Supporter of OpenCongress.