A bill to establish best practices for teaching financial literacy, and to establish an annual estimate of student borrowing costs.
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.
Referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Became Public Law No: 115-174.
Referred to the House Committee on Education and the Workforce.
Introduced in Senate
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
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