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General Assembly Committee Bill No. 5901
January Session, 2021
LCO No. 3888
Referred to Committee on HIGHER EDUCATION AND
EMPLOYMENT ADVANCEMENT
Introduced by:
(HED)
AN ACT REQUIRING INSTITUTIONS OF HIGHER EDUCATION TO
PROVIDE STUDENT DEBT INFORMATION.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. Section 10a-55u of the general statutes is repealed and the 1
following is substituted in lieu thereof (Effective July 1, 2021): 2
(a) Each institution of higher education, as defined in section 10a-55, 3
and for-profit institution of higher education licensed to operate in this 4
state shall provide uniform financial aid information to every 5
prospective student who has been accepted for admission to such 6
institution. Each institution shall provide such information prior to such 7
institution's enrollment deadline for purposes of providing each student 8
with sufficient time to make an informed decision about enrollment. 9
Each institution shall use the [financial aid shopping sheet] college 10
financing plan template developed by the [Consumer Financial 11
Protection Bureau and the] United States Department of Education 12
pursuant to the Higher Education Opportunity Act, P.L. 110-315, to 13
provide such information. 14
(b) On and after August 1, 2021, and annually thereafter, each 15
Committee Bill No. 5901
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institution of higher education in the state shall provide uniform 16
financial aid information to every student enrolled at such institution, 17
including, but not limited to, (1) the college financing plan template 18
developed by the United States Department of Education pursuant to 19
the Higher Education Opportunity Act, P.L. 110-315, (2) an estimate of 20
the total amount of student loans incurred by a student since enrollment 21
at such institution, (3) the total amount required to pay off all student 22
loans at the time such information is provided, and (4) the amount 23
remaining before a student reaches his or her maximum borrowing 24
limit, as determined by such institution. 25
This act shall take effect as follows and shall amend the following
sections:
Section 1 July 1, 2021 10a-55u
Statement of Purpose:
To require institutions of higher education to provide information to
each student concerning his or her total amount of student debt.
[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: REP. DATHAN, 142nd Dist.; REP. TURCO, 27th Dist.
H.B. 5901