United States 112th Congress Status: Died 1 D cosponsors

HR 6273 — Know Before You Owe Private Student Loan Act of 2012

Last action — Referred to the Subcommittee on Financial Institutions and Consumer Credit.

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

This bill died with 112th 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

Know Before You Owe Private Student Loan Act of 2012 - Amends the Truth in Lending Act to require a lender, before issuing a private education loan for a student attending an institution of higher education (IHE), to obtain the IHE's certification of: (1) the student's enrollment status, (2) the student's cost of attendance, and (3) the difference between that cost and the student's estimated financial assistance. Eliminates the requirement that such lenders obtain a self-certification form from the private education loan applicant. Allows a lender to issue such loan without a certification if there is no response from the relevant IHE within 15 business days of the lender's request for the certification. Requires private educational lenders to: (1) send loan statements to borrowers at least once every month a student is enrolled at an IHE; (2) notify the relevant IHE, in writing, of the loan amount and the student to whom it applies no later than the date funds are issued; and (3) submit an annual report to the Consumer Financial Protection Bureau (CFPB) containing information the CFPB requires concerning private student loans. Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require IHEs, before providing lenders with certifications, to determine whether students have exhausted their options for title IV assistance and notify borrowers of: (1) the availability of such assistance; (2) their ability to choose their own private educational lender; (3) the impact of the proposed private education loan on their eligibility for other financial assistance; and (4) their right to accept or reject a private education loan within 30 days of the lender's approval of their application, and to cancel the loan within 3 business days of its consummation.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 6273 on the official United States source →

Action History

  1. Referred to the Subcommittee on Financial Institutions and Consumer Credit.

  2. Referred to the Subcommittee on Higher Education and Workforce Training.

  3. Referred to House Financial Services

  4. Referred to House Education and the Workforce

  5. Referred to the Committee on Education and the Workforce, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 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.

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Subjects

finance education
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Frequently asked questions

What does HR 6273 do?
Know Before You Owe Private Student Loan Act of 2012 - Amends the Truth in Lending Act to require a lender, before issuing a private education loan for a student attending an institution of higher education (IHE), to obtain the IHE's certification of: (1) the student's enrollment status, (2) the student's cost of attendance, and (3) the difference between that cost and the student's estimated financial assistance. Eliminates the requirement that such lenders obtain a self-certification form from the private education loan applicant. Allows a lender to issue such loan without a certification if there is no response from the relevant IHE within 15 business days of the lender's request for the certification. Requires private educational lenders to: (1) send loan statements to borrowers at least once every month a student is enrolled at an IHE; (2) notify the relevant IHE, in writing, of the loan amount and the student to whom it applies no later than the date funds are issued; and (3) submit an annual report to the Consumer Financial Protection Bureau (CFPB) containing information the CFPB requires concerning private student loans. Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require IHEs, before providing lenders with certifications, to determine whether students have exhausted their options for title IV assistance and notify borrowers of: (1) the availability of such assistance; (2) their ability to choose their own private educational lender; (3) the impact of the proposed private education loan on their eligibility for other financial assistance; and (4) their right to accept or reject a private education loan within 30 days of the lender's approval of their application, and to cancel the loan within 3 business days of its consummation.
Who sponsors HR 6273?
HR 6273 is sponsored by Jared Polis (D).
What is the current status of HR 6273?
This bill died with 112th 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 6273?
Track HR 6273 free on One Click Politics — get push/email alerts when it moves.

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