Representatives Mariannette Miller-Meeks (IA-02), Brian Fitzpatrick (PA-01), Bob Gibbs (OH-07), and Richard Hudson (NC-08) today introduced the Know Before You Owe Federal Student Loan Act, legislation that would require Institutes of Higher Education (IHEs) to counsel students before any federal loans are disbursed. Senator Chuck Grassley (R-IA) introduced companion legislation in the United States Senate. Text of the bill may be found here.

“Despite efforts by President Biden and Democrats to ‘forgive’ student loans, they are still a major financial commitment and should be treated as such,” said Representative Miller-Meeks. “Before taking out federal student loans, proper counseling for students should be required. We must ensure our students are equipped with the guidance needed to make an informed decision and that they understand the process to pay these loans back.”

Background:

The Know Before You Owe Federal Student Loan Act would require IHEs to counsel students before loans are disbursed, require students to manually enter, either in writing or through electronic means, the exact dollar amount of funding requested, and require that students receive regular loan statements throughout their undergraduate career.

Original source can be found here