S 1559
Know Before You Owe Federal Student Loan Act of 2025
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- Passed House
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Bill overview
The Know Before You Owe Federal Student Loan Act of 2025 aims to strengthen student loan counseling requirements. It mandates more comprehensive pre-loan counseling, including detailed information about potential monthly payments, debt-to-income ratios, and strategies for minimizing borrowing. The bill also requires lenders to provide borrowers with quarterly statements outlining loan details, interest accrued, and payment options. Finally, it clarifies the process for students confirming loan amounts before disbursement.
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