| 27 | | - | Section 1. Section 10a-55u of the general statutes is repealed and the 1 |
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| 28 | | - | following is substituted in lieu thereof (Effective July 1, 2021): 2 |
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| 29 | | - | (a) Each institution of higher education, as defined in section 10a-55, 3 |
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| 30 | | - | and for-profit institution of higher education licensed to operate in this 4 |
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| 31 | | - | state shall provide uniform financial aid information to every 5 |
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| 32 | | - | prospective student who has been accepted for admission to such 6 |
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| 33 | | - | institution. Each institution shall provide such information prior to such 7 |
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| 34 | | - | institution's enrollment deadline for purposes of providing each student 8 |
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| 35 | | - | with sufficient time to make an informed decision about enrollment. 9 |
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| 36 | | - | Each institution shall use the [financial aid shopping sheet] college 10 |
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| 37 | | - | financing plan template developed by the [Consumer Financial 11 |
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| 38 | | - | Protection Bureau and the] United States Department of Education 12 |
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| 39 | | - | pursuant to the Higher Education Opportunity Act, P.L. 110-315, to 13 |
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| 40 | | - | provide such information. 14 |
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| 41 | | - | (b) On and after August 1, 2021, and annually thereafter, each 15 |
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| 42 | | - | Committee Bill No. 5901 |
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| 43 | | - | |
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| 44 | | - | |
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| 45 | | - | LCO No. 3888 2 of 2 |
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| 46 | | - | |
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| 47 | | - | institution of higher education in the state shall provide uniform 16 |
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| 48 | | - | financial aid information to every student enrolled at such institution, 17 |
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| 49 | | - | including, but not limited to, (1) the college financing plan template 18 |
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| 50 | | - | developed by the United States Department of Education pursuant to 19 |
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| 51 | | - | the Higher Education Opportunity Act, P.L. 110-315, (2) an estimate of 20 |
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| 52 | | - | the total amount of student loans incurred by a student since enrollment 21 |
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| 53 | | - | at such institution, (3) the total amount required to pay off all student 22 |
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| 54 | | - | loans at the time such information is provided, and (4) the amount 23 |
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| 55 | | - | remaining before a student reaches his or her maximum borrowing 24 |
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| 56 | | - | limit, as determined by such institution. 25 |
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| 57 | | - | This act shall take effect as follows and shall amend the following |
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| 58 | | - | sections: |
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| 59 | | - | |
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| 60 | | - | Section 1 July 1, 2021 10a-55u |
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| 61 | | - | |
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| 26 | + | That title 10a of the general statutes be amended to require 1 |
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| 27 | + | institutions of higher education to provide each student information 2 |
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| 28 | + | concerning his or her student debt, including, but not limited to, an 3 |
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| 29 | + | estimate of the total amount of loans incurred by such student, the total 4 |
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| 30 | + | payoff amount, the monthly repayment amount and the amount 5 |
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| 31 | + | remaining before such student reaches his or her maximum borrowing 6 |
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| 32 | + | limit. 7 |
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