H.R.5481 - Ensure Responsible Borrowing Act114th Congress (2015-2016)
|Sponsor:||Rep. Salmon, Matt [R-AZ-5] (Introduced 06/14/2016)|
|Committees:||House - Education and the Workforce|
|Latest Action:||House - 09/19/2016 Referred to the Subcommittee on Higher Education and Workforce Training. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5481 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (06/14/2016)
Ensure Responsible Borrowing Act
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to modify loan counseling requirements for an institution of higher education (IHE) that participates in federal student aid programs.
Currently, an IHE must provide one-time entrance counseling to a student who is a first-time Direct Loan (DL) program borrower. This bill allows an IHE to require any student DL program borrower to complete additional counseling on the terms, conditions, and responsibilities of a loan at or prior to its disbursement.
Additionally, it requires an IHE to ensure that student and parent DL program borrowers annually accept a loan affirmatively prior to the first disbursement of such loan.