HLS 21RS-198 ORIGINAL
2021 Regular Session
HOUSE BILL NO. 42
BY REPRESENTATIVE DAVIS
Prefiled pursuant to Article III, Section 2(A)(4)(b)(i) of the Constitution of Louisiana.
HIGHER EDUCATION: Provides relative to financial aid
1 AN ACT
2To enact R.S. 17:3351(N), 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(N) is hereby enacted to read as follows:
8 ยง3351. General powers, duties, and functions of postsecondary education
9 management boards
10 * * *
11 N.(1) Each board shall require each institution that is under its control and
12 that receives education loan information for a student enrolled in the institution to
13 provide information to that student in accordance with this Subsection.
14 (2) The institution shall provide the following annually:
15 (a) The total amount of education loans taken out by the student.
16 (b) The percentage of the borrowing limit the student has reached at the time
17 the information in provided.
18 (c) Monthly repayment amounts that a similarly situated borrower may incur,
19 including principal and interest, for the amount of loans the student has taken out at
20 the time the information is provided.
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 21RS-198 ORIGINAL
HB NO. 42
1 (3) The information provided may include a statement that the estimates and
2 ranges provided are not a guarantee or promise of the actual or projected amount.
3 (4) An institution shall not be held liable for information provided pursuant
4 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 42 Original 2021 Regular Session Davis
Abstract: Requires public postsecondary education institutions to provide enrolled students
who take out education loans with information concerning these loans.
Proposed law requires public postsecondary education institutions to provide any student
who is enrolled in the institution and takes out an education loan with the following
information annually:
(1)The annual amount of education loans taken out by the student.
(2)An update on the percentage of the borrowing limit the student has reached.
(3)Monthly repayment amounts that a similarly situated borrower may incur.
Proposed law provides that an institution shall not be liable for providing such information.
(Adds R.S. 17:3351(N))
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.