A bill to establish best practices for teaching financial literacy, and to establish an annual estimate of student borrowing costs.
USA115th CongressS-2224| Senate
| Updated: 12/13/2017
Joe Donnelly
Democratic Senator
Indiana
Cosponsors (2)
Health, Education, Labor, and Pensions Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Empowering Student Borrowers Act This bill amends the Higher Education Act of 1965 to direct the Department of Education to establish best practices for institutions of higher education (IHEs) regarding methods to: (1) teach financial literacy skills, and (2) provide information to assist students when making financial decisions related to student borrowing. In addition, the bill requires an IHE that participates in federal student aid programs to provide an annual estimate of borrowing costs to each enrolled student who receives an education loan. The cost estimate must include the student's cumulative education loan balance, projected monthly payment amount, and interest rate on each loan.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Education
Financial literacyGovernment information and archivesHigher educationInterest, dividends, interest ratesStudent aid and college costsStudent records
A bill to establish best practices for teaching financial literacy, and to establish an annual estimate of student borrowing costs.
USA115th CongressS-2224| Senate
| Updated: 12/13/2017
Empowering Student Borrowers Act This bill amends the Higher Education Act of 1965 to direct the Department of Education to establish best practices for institutions of higher education (IHEs) regarding methods to: (1) teach financial literacy skills, and (2) provide information to assist students when making financial decisions related to student borrowing. In addition, the bill requires an IHE that participates in federal student aid programs to provide an annual estimate of borrowing costs to each enrolled student who receives an education loan. The cost estimate must include the student's cumulative education loan balance, projected monthly payment amount, and interest rate on each loan.
View Full TextSuggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in Senate
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Joe Donnelly
Democratic Senator
Indiana
Cosponsors (2)
Health, Education, Labor, and Pensions Committee
Education
Related Bills
- HR 115-1429: To amend the Higher Education Act of 1965 to require institutions of higher education to provide students with annual estimates of student loan borrowing costs.
- S 115-2155: Economic Growth, Regulatory Relief, and Consumer Protection Act
- HR 115-5277: To require the Financial Literacy and Education Commission to establish and publish best practices for teaching financial literacy for institutions of higher education, and for other purposes.
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Financial literacyGovernment information and archivesHigher educationInterest, dividends, interest ratesStudent aid and college costsStudent records