United States 113th Congress Status: Died 1 R cosponsors

S 2459 — Know Before You Owe Federal Student Loan Act of 2014

Last action — Sponsor introductory remarks on measure. (CR S3596-3597)

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  1. ✓
    Introduced
  2. Died in session

This bill died with 113th Congress. It reached “Introduced” 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 Federal Student Loan Act of 2014 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require institutions of higher education (IHEs) to provide pre-loan counseling at or prior to the first disbursement of a new loan to a student borrower under the William D. Ford Federal Direct Loan program. (Currently, such counseling is limited to students who are first-time borrowers of such loans.) Adds to the information to be provided to students as part of such counseling: an estimate of their projected loan debt-to-income ratio upon graduation and their estimated total student loan debt, calculated for their particular program of study; a statement that they should borrow the minimum amount necessary to cover expenses; information about the default risk of having a projected loan debt-to-income ratio greater than 12%; options for reducing borrowing through scholarships, reduced expenses, work-study, or other work opportunities; and an explanation of the importance of graduating on time and of how adding an additional year of study impacts total indebtedness. Requires each IHE, prior to certifying a Federal Direct Loan for disbursement to a student borrower, to ensure that the student manually enters, either in writing or through electronic means, the exact dollar amount of such loan that the student desires to borrow.

Bill Text

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Read S 2459 on the official United States source →

Action History

  1. Sponsor introductory remarks on measure. (CR S3596-3597)

  2. Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

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.

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
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Frequently asked questions

What does S 2459 do?
Know Before You Owe Federal Student Loan Act of 2014 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require institutions of higher education (IHEs) to provide pre-loan counseling at or prior to the first disbursement of a new loan to a student borrower under the William D. Ford Federal Direct Loan program. (Currently, such counseling is limited to students who are first-time borrowers of such loans.) Adds to the information to be provided to students as part of such counseling: an estimate of their projected loan debt-to-income ratio upon graduation and their estimated total student loan debt, calculated for their particular program of study; a statement that they should borrow the minimum amount necessary to cover expenses; information about the default risk of having a projected loan debt-to-income ratio greater than 12%; options for reducing borrowing through scholarships, reduced expenses, work-study, or other work opportunities; and an explanation of the importance of graduating on time and of how adding an additional year of study impacts total indebtedness. Requires each IHE, prior to certifying a Federal Direct Loan for disbursement to a student borrower, to ensure that the student manually enters, either in writing or through electronic means, the exact dollar amount of such loan that the student desires to borrow.
Who sponsors S 2459?
S 2459 is sponsored by Chuck Grassley (R).
What is the current status of S 2459?
This bill died with 113th Congress. It reached “Introduced” 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 S 2459?
Track S 2459 free on One Click Politics — get push/email alerts when it moves.

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