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.
Letter of Estimated Annual Debt for Students Act of 2016 or the LEADS Act of 2016
This bill amends the Higher Education Act of 1965 by requiring institutions of higher education to provide to each student with education loans for attending the institution an estimate of student loan borrowing costs, including: (1) the cumulative balance of education loans owed by the student, (2) the amount of new education loans expected to be disbursed during the year, (3) the projected cumulative balance of education loans that will be owed by the student after the student graduates, and (4) projected monthly payments to repay the loans. The estimates must be given to students before each academic year succeeding the one for which a loan was first received.
Introduced in House
Introduced in House
Referred to the House Committee on Education and the Workforce.
Referred to the Subcommittee on Higher Education and Workforce Training.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line