General Assembly Committee Bill No. 570
January Session, 2017 LCO No. 5193
*05193SB00570HED*
Referred to Committee on HIGHER EDUCATION AND EMPLOYMENT ADVANCEMENT
Introduced by:
(HED)
General Assembly
Committee Bill No. 570
January Session, 2017
LCO No. 5193
*05193SB00570HED*
Referred to Committee on HIGHER EDUCATION AND EMPLOYMENT ADVANCEMENT
Introduced by:
(HED)
AN ACT CONCERNING LOAN INFORMATION PROVIDED TO STUDENTS BY INSTITUTIONS OF HIGHER EDUCATION.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective January 1, 2018) The Office of Higher Education shall develop a student loan repayment calculator, and shall make the student loan repayment calculator available by means of a mobile application. The student loan repayment calculator shall allow a user to enter information relating to federal student loans and the calculator shall provide such user with an estimation of the following information: (1) The cumulative principal balance due on all borrowed federal student loans; (2) the interest rate for each borrowed federal student loan; (3) the cumulative amount of interest due on all borrowed federal loans; (4) the cumulative monthly payment amount for all borrowed federal loans; and (5) the final payment date. Such information shall be based on a ten-year repayment schedule or a fifteen-year repayment schedule. Each institution of higher education shall annually provide students with instruction on accessing and using the student loan repayment calculator.
This act shall take effect as follows and shall amend the following sections:
Section 1 January 1, 2018 New section
This act shall take effect as follows and shall amend the following sections:
Section 1
January 1, 2018
New section
Statement of Purpose:
To keep students informed of their student loan debt and available repayment options.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]
Co-Sponsors: SEN. LINARES, 33rd Dist.
Co-Sponsors:
SEN. LINARES, 33rd Dist.
S.B. 570