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Hudson, Miller-Meeks, Fitzpatrick, Gibbs Introduce Bill to Provide Resources to Students Seeking Federal Loans

September 20, 2022

WASHINGTON, D.C. – Representatives Richard Hudson (NC-08),  Mariannette Miller-Meeks (IA-02), Brian Fitzpatrick (PA-01), and Bob Gibbs (OH-07) today introduced the Know Before You Owe Federal Student Loan Act, legislation that would require Institutes of Higher Education (IHEs) to counsel students before any federal loans are disbursed. Senator Chuck Grassley (R-IA) introduced companion legislation in the United States Senate. Text of the bill may be found here.

“Student loans are a serious financial commitment and students should be well informed about the process, benefits, and risks before making the decision to take them out,” said Representative Hudson. “ This legislation will ensure students have the knowledge and guidance they need to make an informed decision when it comes to student loans.”

Background:

The Know Before You Owe Federal Student Loan Act would require IHEs to counsel students before loans are disbursed, require students to manually enter, either in writing or through electronic means, the exact dollar amount of funding requested, and require that students receive regular loan statements throughout their undergraduate career.

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Issues:Education