Summary: S.2224 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for S.2224. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (12/13/2017)

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.