Student Consumer Information Act

Student Consumer Information Act - Amends the Higher Education Act of 1965 to authorize the Commissioner of Education to make payments to educational institutions eligible under such Act to support programs of student consumer information, and to support other necessary costs of administering Federal student aid programs.

Directs institutions receiving such payments to carry out information dissemination activities to prospective students and enrolled students requesting information on financial assistance under such Act. Requires that such disseminated information accurately describe: (1) student financial assistance programs available; (2) methods of distribution; (3) means of application; (4) rights and responsibilities accompanying such assistance; (5) the cost of attending the institution; (6) the institution's refund policy; (7) the institution's academic program; and (8) the persons and location of such persons designated to administer information dissemination activities under this Act.

Requires each institution receiving such payments to designate an employee or group of employees to be available on a full-time basis to assist students or potential students in obtaining financial assistance information under such Act, unless this requirement is waived by the Commissioner.

Directs the Commissioner to make available to eligible institutions under such Act, by way of publication in the Federal Register and other appropriate means, descriptions of Federal student assistance programs.