H.R. 6273 (112th): Know Before You Owe Private Student Loan Act of 2012

Introduced:
Aug 02, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. Jared Polis [D-CO2]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on August 2, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Aug 02, 2012
Referred to Committee Aug 02, 2012
Cosponsors
7 cosponsors (7D) (show)
Committees

House Education and the Workforce

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Truth in Lending Act and the Higher Education Act of 1965 to require certain creditors to obtain certifications from institutions of higher education, and for other purposes.

Summary

No summaries available.

Text

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Last updated Aug 02, 2012.
10 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

8/2/2012--Introduced.
Know Before You Owe Private Student Loan Act of 2012 - Amends the Truth in Lending Act to require a lender, before issuing a private education loan for a student attending an institution of higher education (IHE), to obtain the IHE's certification of:
(1) the student's enrollment status,
(2) the student's cost of attendance, and
(3) the difference between that cost and the student's estimated financial assistance.
Eliminates the requirement that such lenders obtain a self-certification form from the private education loan applicant.
Allows a lender to issue such loan without a certification if there is no response from the relevant IHE within 15 business days of the lender's request for the certification.
Requires private educational lenders to:
(1) send loan statements to borrowers at least once every month a student is enrolled at an IHE;
(2) notify the relevant IHE, in writing, of the loan amount and the student to whom it applies no later than the date funds are issued; and
(3) submit an annual report to the Consumer Financial Protection Bureau (CFPB) containing information the CFPB requires concerning private student loans.
Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require IHEs, before providing lenders with certifications, to determine whether students have exhausted their options for title IV assistance and notify borrowers of:
(1) the availability of such assistance;
(2) their ability to choose their own private educational lender;
(3) the impact of the proposed private education loan on their eligibility for other financial assistance; and
(4) their right to accept or reject a private education loan within 30 days of the lender's approval of their application, and to cancel the loan within 3 business days of its consummation.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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