HR 4616
Informed Student Borrowing Act of 2023
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Informed Student Borrowing Act of 2023 aims to improve student loan counseling and disclosures for borrowers. It requires colleges to provide more detailed counseling at the time a loan is first disbursed, including information about repayment amounts and eligibility calculations. The bill also mandates that students and parents manually enter the exact loan amount they intend to borrow and provides institutions with data to share with students regarding earnings and completion rates. Finally, it clarifies that work-study funds are earned through student work, not directly awarded.
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