S 530
Know Before You Owe Federal Student Loan Act of 2023
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- Passed Senate
- Passed House
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- Became Law
Bill overview
The Know Before You Owe Federal Student Loan Act of 2023 aims to improve student loan counseling and disclosure requirements. It mandates that lenders provide borrowers with quarterly statements detailing loan information and repayment options, even when payments aren't due. The bill also strengthens pre-loan counseling for students, requiring institutions to provide more detailed information about repayment plans, potential debt levels, and strategies for minimizing borrowing. Finally, it requires lenders to ensure students manually enter the exact loan amount they are borrowing, promoting transparency and accuracy.
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