Legislative Tracker Archive: Consumer Information & Transparency

Legislative TrackerOn this page, you'll find proposals to increase families' awareness of financial aid availability and requirements, as well as costs associated with attendance.

 

Simplifying Access to Student Loan Information Act
S. 445   Sponsor:
Sen. Shaheen (D-NH)
Co-Sponsors:
0 (0 R; 0 D)
Introduced:
2/10/2015
NASFAA Analysis & Coverage: This bill would require private educational lenders to submit information regarding each private education loan they make to the Department of Education through the National Student Loan Database System (NSLDS).
       
Saving Our Next Generation (SONG) Act
S. 473 Sponsor:
Sen. Udall (D-NM)
Co-Sponsors:
0 (0 R; 0 D)
Introduced:
2/12/2015
NASFAA Analysis & Coverage: This comprehensive children's health and education legislation includes a college affordability component. This component includes provisions relating to federal and private loan refinancing, the discharge of student loans in bankruptcy, entrance counseling, and a college affordability grant program. The bill would require students to complete an online assessment "demonstrating the student's understanding of the terms and conditions" of the loan the student seeks to borrow.
 
Student Loan Borrower Bill of Rights
S. 840    Sponsor:
Sen. Durbin (D-IL)
Co-Sponsors:
2 (0 R; 2 D)
Introduced:
3/23/2015
NASFAA Analysis & Coverage: This comprehensive legislation would require lenders to provide information and disclosures at designated points in the repayment process and adds certain servicing standards for both federal and private loans.
 
Student Right to Know Before You Go Act
S. 1195 Sponsor:
Sen. Wyden (D-OR)
Co-Sponsors:
4 (3 R; 1 D)
Introduced:
5/5/2015
HR 2518 Sponsor:
Rep. Hunter (R-CA, 50)
Co-Sponsors:
10 (6 R; 4 D)
Introduced:
5/21/2015
NASFAA Analysis & Coverage: This bipartisan legislation would require institutions to report Post-graduation average annual earnings; rates of remedial enrollment, credit accumulation, and graduation; Average cost (both before and after financial aid) of the program and average debt accumulated; The effects of remedial education and financial aid on credential attainment and a greater understanding of what student success can mean.
 
Strengthening Transparency in Higher Education Act   
HR 3178 Sponsor:
Rep. Foxx (R-NC, 5)
Co-Sponsors:
25 (13 R; 12 D)
Introduced:
7/23/2015
NASFAA Analysis & Coverage: The bill would eliminate the College Navigator in the place of a College Dashboard. It was introduced as part of a package of HEA bills introduced by Republicans on the House Education & the Workforce Committee.
Status: 7/11/2016: Passed House of Representatives
 
Empowering Students Through Enhanced Financial Counseling Act   
HR 3179 Sponsor:
Rep. Guthrie (R-KY, 2)
Co-Sponsors:
38 (19 R; 19 D)
Introduced:
7/23/2015
S. 3116 Sponsor:
Sen. Warner (D-VA)
Co-Sponsors:
3 (2 R; 1 D)
Introduced:
6/29/2016
NASFAA Analysis & Coverage: The bill would change the current one-time entrance counseling requirement for student loans and Pell Grants into an annual counseling requirement. It was introduced as part of a package of HEA bills introduced by Republicans on the House Education & the Workforce Committee.
Status: 7/11/2016: Passed House of Representatives
 
Christopher Bryski Student Loan Protection Act   
S. 1958 Sponsor:
Sen. Menendez (D-NJ)
Co-Sponsors:
4 (0 R; 4 D)
Introduced:
8/5/2015
HR 3474 Sponsor:
Rep. Pascrell (D-NJ, 9)
Co-Sponsors:
4 (0 R; 4 D)
Introduced:
9/10/2015
NASFAA Analysis & Coverage: This bill would require private education loan lenders to disclose, clearly and conspicuously, a borrower’s and cosigner's obligations in the event of each other’s death, disability, or inability to engage in any substantial gainful activity.   
       
Know Before You Owe Federal Student Loan Act   
S. 2043 Sponsor:
Sen. Grassley (R-IA)
Co-Sponsors:
0 (0 R; 0 D)
Introduced:
9/16/2015
NASFAA Analysis & Coverage: The legislation would enhance the loan counseling requirements for student borrowers. The measure requires annual counseling for every newly disbursed loan. In addition, students would receive regular statements about their loan balance while enrolled and would be required to manually enter the amount of money they intend to borrow on an annual basis.   
       
Understanding the True Cost of College Act    
S. 2149 Sponsor:
Sen. Grassley (R-IA)
Co-Sponsors:
1 (0 R; 1 D)
Introduced:
10/7/2015
NASFAA Analysis & Coverage: This bill would require a standardized financial aid award letter that includes cost of attendance, grant aid, net cost after subtracting grant aid, work study assistance, eligible amounts of federal student loans, expected federal loan monthly repayment amounts, and several disclosures.   
       
Net Price Calculator Improvement Act   
S. 2150 Sponsor:
Sen. Grassley (R-IA)
Co-Sponsors:
2 (0 R; 2 D)
Introduced:
10/7/2015
HR 4533 Sponsor:
Rep. Cummings (D-MD)
Co-Sponsors:
2 (0 R; 2 D)
Introduced:
2/11/2016
NASFAA Analysis & Coverage: This bill seeks to improve existing net price calculators (NPC) and permits the Department of Education to develop a consumer-tested universal NPC.   
       
Tuition Use Information Transparently Identified Online (TUITION) Act   
HR 4873 Sponsor:
Rep. Meehan (R-PA, 7)
Co-Sponsors:
3 (3 R; 0 D)
Introduced:
3/23/2016
NASFAA Analysis & Coverage: This piece of legislation would require colleges and universities to list the total dollars received from tuition and other fees and exactly how that revenue is used by the institution, particularly in context of the proportion applied toward "any type of institutional expense (such as faculty salaries or facility maintenance)." The information must be posted publicly on the school's website.   
       
Financial Literacy for Financial Aid Act   
HR 5016 Sponsor:
Rep. Salmon (R-AZ, 5)
Co-Sponsors:
1 (1 R; 0 D)
Introduced:
4/20/2016
NASFAA Analysis & Coverage: This bill would require additional loan entrance counseling for student borrowers. The legislation would require the Department of Education (ED) to develop a tool that contains all of the new requirements in a method that's freely available to institutions. The tool must be consumer tested and interactive and include components on basic finance concepts, taxes, retirement, banking, and financial goal-setting, among others.    
       
College Access Act Act   
S. 2859 Sponsor:
Sen. Franken (D-MN)
Co-Sponsors:
0 (0 R; 0 D)
Introduced:
4/27/2016
NASFAA Analysis & Coverage: This bill would create a federal grant program to states that agree to implement or prioritize need-based aid, enrollment of Pell-eligible students, adopting a common award letter, enhancing financial literacy, and increasing graduation rate reporting. Optional emphasis areas for states include  innovative learning models, open education resources (OERs), advanced placement (AP) examinations, dual enrollment, and remediation, among several other items.
       
Transparency in Taxpayer-Funded Discrimination Act
HR 5265 Sponsor:
Rep. Clark (D-MA, 5)
Co-Sponsors:
21 (0 R; 21 D)
Introduced:
5/17/2016
NASFAA Analysis & Coverage: This bill would require schools granted or seeking a religious exemption from HEA Title IX civil rights protections to publish several documents related to the exemption request as part of their consumer information disclosures on its website. 
       
Ensure Responsible Borrowing Act
HR 5481 Sponsor:
Rep. Salmon (R-AZ, 5)
Co-Sponsors:
1 (1 R; 0 D)
Introduced:
6/14/2016
NASFAA Analysis & Coverage: This bill would allow institutions to mandate additional loan counseling. The counseling allowed in this bill would be in addition to current entrance counseling requirements. The bill would also require borrowers to sign a master promissory note, submit a written statement accepting the loan, or electronically sign a similar statement before loans can be disbursed.
       
Letter of Estimated Annual Debt for Students (LEADS) Act
HR 5755 Sponsor:
Rep. Messer (R-IN, 6)
Co-Sponsors:
10 (7 R; 3 D)
Introduced:
7/13/2016
NASFAA Analysis & Coverage: This bill would require schools to provide students with annual notices of student loan borrowing amounts. The notice would also include the cumulative balance of education loans owed by the student at that date, the amount of any new loans to be disbursed during the academic year, the projected cumulative balance of education loans that will be owed after graduation, and projected monthly payment amounts assuming a standard repayment plan. 
       
Standardization of Collegiate Oversight of Revenues and Expenditures (SCORE) Act
HR 5791 Sponsor:
Rep. Price (D-NC, 4)
Co-Sponsors:
0 (0 R; 0 D)
Introduced:
7/14/2016
NASFAA Analysis & Coverage: This bill would require institutions of higher education to report revenue generated by each sports team. The reports schools submit would break down the different sources of revenue and expenses. The bill would also establish a task force of nonprofit and higher education accounting experts, professionals, and organizations to review the reports.
       
Transparency in Student Lending Act
HR 5838 Sponsor:
Rep. Hultgren (R-IL, 14)
Co-Sponsors:
4 (2 R; 2 D)
Introduced:
7/14/2016
S. 3399 Sponsor:
Sen. Kirk (R-IL)
Co-Sponsors:
1 (1 R; 0 D)
Introduced:
9/27/2016
NASFAA Analysis & Coverage: This bill would require at the time of application the disclosure of the stated interest rate of a loan and any fees or additional costs associated with the loan. 
       
Know Your Repayment Options Act
HR 5898 Sponsor:
Rep. Swalwell (D-CA, 15)
Co-Sponsors:
8 (0 R; 8 D)
Introduced:
7/14/2016
NASFAA Analysis & Coverage: This bill would direct the Department of Education to provide all federal student loan borrowers with personalized repayment guides. The guides would be given to borrowers every year after receiving exit counseling until their federal loans are paid off. The guide described in the bill would tell borrowers their average anticipated monthly payment amount, yearly payment amount, lifetime payment amount, number of months remaining to pay off loans, amount that would be forgiven under all possible plans, and instructions for changing repayment plans.
       
Campus Gun Policy Transparency Act
HR 5965 Sponsor:
Rep. Ellison (D-MN, 5)
Co-Sponsors:
11 (0 R; 11 D)
Introduced:
9/8/2016
NASFAA Analysis & Coverage: The bill would add information on campus firearm policies, specifically related to campus carry or open carry policies, to disclosures required for Clery Act compliance. In addition, institutions would be required to disclose these policies in a prominent location on their website and in admissions and recruitment materials. 
       
Know Before You Owe Private Education Loan Act
S. 3347 Sponsor:
Sen. Durbin (D-IL)
Co-Sponsors:
2 (0 R; 2 D)
Introduced:
9/15/2016
NASFAA Analysis & Coverage: The measure would amend both the Higher Education Act and the Truth in Lending Act to strengthen requirements surrounding private education loans. This bill would require private lenders to obtain a student’s enrollment status, cost of attendance, and unmet financial need directly from the institution, instead of the current student self-certification.
 
Student Borrower Higher Education Lending Protection (HELP) Act
HR 6446 Sponsor:
Rep. Pallone (D-NJ, 6)
Co-Sponsors:
5 (0 R; 5 D)
Introduced:
12/6/2016
NASFAA Analysis & Coverage: This bill includes three provisions relating to private lending. The bill would require total loan forgiveness for a borrower with a permanent disability or for a family member who is a cosigner of a loan taken out by a student who later dies. In addition, the bill requires deferment of loan payments for borrowers with a temporary disability. Finally, the bill requires private lenders to disclose their default rates on loan documents. 
 
Respond, Innovate, Succeed, and Empower (RISE) Act
S. 3521 Sponsor:
Sen. Casey (D-PA)
Co-Sponsors:
2 (2 R; 0 D)
Introduced:
12/8/2016
NASFAA Analysis & Coverage: This bill requires institutions, through their program participation agreement (PPA), to adopt several policies in support of students with disabilities, including publicly outlining the process by which an institution determines eligibility for accommodations. Institutions would also be required to report data about students with disabilities in federal postsecondary data collection efforts, including in the Integrated Postsecondary Education Data System (IPEDS). 

 

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Publication Date: 1/1/2017


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