United States 115th Congress Status: Died Bipartisan · 8 R · 2 D cosponsors

HR 1429 — LEADS Act of 2017

Last action — Referred to the House Committee on Education and the Workforce.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 115th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Letter of Estimated Annual Debt for Students Act of 2017 or the LEADS Act of 2017 This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to require an institution of higher education that participates in federal student aid programs to provide an annual estimate of borrowing costs to each enrolled student who receives an education loan. The cost estimate must include the student's cumulative education loan balance, projected monthly payment amount, and interest rate on each loan.

Bill Text

Sections of law this bill changes

1 section in 1 law

From the bill's own amending language, matched to the official United States Code (current through Public Law 119-124).

Higher education resources and student assistance · 20 U.S.C. ch. 28 1 section
  • § 1092 Institutional and financial assistance information for students Amends

    20 U.S.C. § 1092

    The law today

    (a) Information dissemination activities (1) Each eligible institution participating in any program under this subchapter shall carry out information dissemination activities for prospective and enrolled students (including those attending or planning to attend less than full time) regarding the institution and all financial assistance under this subchapter. The information required by this section shall be produced and be made readily available upon request, through appropriate publications, mailings, and electronic media, to an enrolled student and to any prospective student. Each eligible institution shall, on an annual basis, provide to all enrolled students a list of the information that is required to be provided by institutions to students by this section and section 444 of the General Education Provisions Act [20 U.S.C. 1232g] (commonly known as the “Family Educational Rights and Privacy Act of 1974”), together with a statement of the procedures required to obtain such information. The information required by this section shall accurately describe— (A) the student financial assistance programs available to students who enroll at such institution; (B) the methods by which such assistance is distributed among student recipients who enroll at such institution; (C) any means, including forms, by which application for student financial assistance is made and requirements for accurately preparing such application; (D) the rights and responsibilities of students receiving financial assistance under this subchapter; (E) the cost of attending the institution, including (i) tuition and fees, (ii) books and supplies, (iii) estimates of typical student room and board costs or typical commuting costs, and (iv) any additional cost of the program in which the student is enrolled or expresses a specific interest; (F) a statement of— (i) the requirements of any refund policy with which the institution is required to comply; (ii) the requirements under section 1091b of this title for the return of grant or loan assistance provided under this subchapter; and (iii) the requirements for officially withdrawing from the institution; (G) the academic program of the institution, including (i) the current degree programs and other educational and training programs, (ii) the instructional, laboratory, and other physical plant facilities which relate to the academic program, (iii) the faculty and other instructional personnel, and (iv) any plans by the institution for improving the academic program of the institution; (H) each person designated under subsection (c) of this section, and the methods by which and locations in which any person so designated may be contacted by students and prospective students who are seeking information required by this subsection; (I) special facilities and services available to students with disabilities; (J) the names of associations, agencies, or governmental bodies which accredit, approve, or license the institution and its programs, and the procedures under which any current or prospective student may obtain or review upon request a copy of the documents describing the institution’s accreditation, approval, or licensing; (K) the standards which the student must maintain in order to be considered to be making satisfactory progress, pursuant to section 1091(a)(2) of this title; (L) the completion or graduation rate of certificate- or degree-seeking, full-time, undergraduate students entering such institutions; (M) the terms and conditions of the loans that students receive under parts B, D, and E; (N) that enrollment in a program of study abroad approved for credit by the home institution may be considered enrollment in the home institution for purposes of applying for Federal student financial assistance; (O) the campus crime report prepared by the institution pursuant to subsection (f), including all required reporting categories; (P) institutional policies and sanctions related to copyright infringement, i...

    179 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

Also cites: 20 U.S.C. § 1002, 20 U.S.C. § 1087e

How this bill changes current law

1 change Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill requires institutions of higher education to provide students with annual estimates of their student loan borrowing costs.

  • 20 U.S.C. 1092

    (n) Annual Estimate of Student Loan Borrowing Costs.-- (1) In general.--Beginning on July 1, 2019, each eligible institution shall provide a cost estimate described in paragraph (2) to each enrolled student who receives an education loan to attend the institution, not later than 30 days before the first day of each academic year beginning after the academic year for which the student first received such a loan to attend such institution. (2) Contents of estimate.--The estimate under paragraph (1) shall contain the following information: (A) Cumulative balances and monthly payments.--A notice to the student of-- (i) the cumulative balance of education loans owed by the student as of the date of the notice; and (ii) projected monthly payment amounts based on the cumulative balances described in clause (i), assuming a standard repayment schedule. (B) Interest rates.--The interest rate of each education loan, except that interest rates for a private education loan may be based on average private education loan interest rates if the institution cannot reasonably determine the actual interest rate of such loan. (C) Disclaimer.--A clear and conspicuous notice stating that any information provided under paragraph (1) is an estimate, accurate to the best of the institution's knowledge, and that an interest rate provided under subparagraph (B)-- (i) in the case of a loan described in paragraph (6)(A)(i), is the applicable rate of interest of such loan; (ii) in the case of a private education loan, may be based on average private education loan interest rates; and (iii) does not include private education loans of which the institution is not aware. (3) Form of estimate.--The estimate under paragraph (1) shall be-- (A) provided to the student in hard copy format on the letterhead of the institution, by electronic mail or by another method the Secretary may prescribe; and (B) delivered to the student separately from any other disclosures required under this Act. (4) Limitation of liability.--An institution that provides the estimate under paragraph (1) in good faith shall not be liable to any person for inaccuracies contained in such estimate. (5) Student debt letter template.--Not later than July 1, 2018, and as necessary thereafter, the Secretary shall provide the following to eligible institutions: (A) Examples of estimates required under paragraph (2). (B) Technical assistance on how to comply with the requirements of this subsection. (C) Preliminary approvals in a timely manner of estimate formats proposed for use by an institution, at the request of the institution. (D) The formula (which shall take into consideration a student's past borrowing rates and other criteria the Secretary may determine) to be used in making the projections under clauses (iii) and (iv) of paragraph (2)(A) with respect to loans described in paragraph (6)(A)(i). (E) Encryption technology software to enable institutions to provide the estimate under paragraph (2) to students in a secure format for institutions that choose to provide the estimate to students in an electronic format. (6) Definitions.--In this subsection: (A) Education loan.--The term 'education loan' means-- (i) a loan made under part D (other than a Federal Direct Consolidation Loan or a Federal Direct PLUS loan made on behalf of a student); (ii) a loan made under a State-sponsored loan program for the purpose of paying a student's cost of attendance at an institution of higher education; and (iii) a private education loan with respect to which the institution should reasonably be aware. (B) Private education loan.--The term 'private education loan' has the meaning given the term in section 140 of the Truth in Lending Act. (C) Student.--The term 'student', when used with respect to an eligible institution, does not include any student who has transferred to the institution more than 60 days before the first day of the academic year involved.

    Institutions are now required to provide students with an annual estimate of their student loan borrowing costs, including cumulative balances and projected monthly payments.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Education and the Workforce.

Sponsors

Sponsorship breakdown

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1 sponsors · 9 co-sponsors · 537 not signed on

Sponsors (1)

Co-sponsors (9)

Not signed on (537)

537 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

education
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HR 1429 do?
Letter of Estimated Annual Debt for Students Act of 2017 or the LEADS Act of 2017 This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to require an institution of higher education that participates in federal student aid programs to provide an annual estimate of borrowing costs to each enrolled student who receives an education loan. The cost estimate must include the student's cumulative education loan balance, projected monthly payment amount, and interest rate on each loan.
Who sponsors HR 1429?
HR 1429 is sponsored by Messer, Luke (Republican), Stefanik, Elise M. (Republican), Carson, André (Democratic), Brooks, Susan W. (Republican), Bucshon, Larry (Republican), Rokita, Todd (Republican), McSally, Martha (Republican), Visclosky, Peter J. (Democratic), Davis, Rodney (Republican), and Fitzpatrick, Brian K. (Republican).
What is the current status of HR 1429?
This bill died with 115th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 1429?
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