HLS 20RS-892 ORIGINAL
2020 Regular Session
HOUSE BILL NO. 554
BY REPRESENTATIVE DAVIS
HIGHER ED/BD REGENTS: Provides relative to financial aid
1 AN ACT
2To enact R.S. 17:3351(M), relative to public postsecondary education institutions; to require
3 institutions to provide students with education loan information; to require annual
4 updates of loan information to be given to students; and to provide for related
5 matters.
6Be it enacted by the Legislature of Louisiana:
7 Section 1. R.S. 17:3351(M) is hereby enacted to read as follows:
8 PART VI. POWERS AND DUTIES OF MANAGEMENT B OARDS
9 ยง3351. General powers, duties, and functions of postsecondary education
10 management boards
11 * * *
12 M.(1) Each board shall require each institution under its control that receives
13 education loan information for a student enrolled in the institution to provide annual
14 information to that student in accordance with this Subsection.
15 (2) The institution shall provide an estimate of the following:
16 (a) The total amount of education loans taken out by the student.
17 (b) The potential total payoff amount of the education loans incurred or a
18 range for the total payoff amount.
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 20RS-892 ORIGINAL
HB NO. 554
1 (c) Monthly repayment amounts that a similarly situated borrower may incur,
2 including principal and interest, for the amount of loans the student has taken out at
3 the time the information is provided.
4 (3) The information provided may include a statement that the estimates and
5 ranges provided are general in nature and not meant as a guarantee or promise of the
6 actual or projected amount.
7 (4) The institution shall provide the student with an update on the percentage
8 of the borrowing limit the student has reached at the time the information is
9 provided.
10 (5) An institution shall not be held liable for information provided pursuant
11 to this Subsection.
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 554 Original 2020 Regular Session Davis
Abstract: Requires postsecondary institutions to provide enrolled students who take out
education loans with information concerning these loans.
Proposed law requires public postsecondary institutions to provide any student who is
enrolled in the institution and takes out an education loan with estimates of the total amount
of the loans taken out by the student.
Proposed law requires these institutions to also provide an estimate of the potential total
payoff amounts to be incurred by the student who takes out the loan as well as estimates of
the monthly repayment amounts that similarly situated students incurred.
Proposed law requires that students are also given updates on the percentage of their
borrowing limit that has been reached.
Proposed law requires institutions to provide this information to students on an annual basis.
(Adds R.S. 17:3351(M))
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.