Student Loan Accountability Act

Hozzl · 2023-12-15T15:55:00Z

Explore the details of House Bill 1211 Student Loan Accountability Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Education. Stay informed on legislative developments.

12/15/2023, 3:55 PM

Summary of Bill HR 1211

The Student Loan Accountability Act, also known as Bill 118 hr 1211, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to increase transparency and accountability in the student loan industry.

One of the key provisions of the Student Loan Accountability Act is the requirement for colleges and universities to provide students with clear and easily understandable information about the terms and conditions of their student loans. This includes details about interest rates, repayment options, and potential consequences of defaulting on the loan.

Additionally, the bill aims to address the issue of rising student loan debt by implementing measures to help students better understand the financial implications of taking out loans. This includes providing counseling services to help students make informed decisions about borrowing money for their education. Furthermore, the Student Loan Accountability Act seeks to hold colleges and universities accountable for the success of their students in repaying their loans. Institutions with high default rates may face penalties or lose eligibility for federal financial aid programs. Overall, the Student Loan Accountability Act is designed to protect students from predatory lending practices and ensure that they have access to the information they need to make responsible decisions about their education financing.

Congressional Summary of HR 1211

Student Loan Accountability Act

This bill generally prohibits the Departments of Education, Justice, or the Treasury from taking any action to cancel or forgive the outstanding balances, or portion of balances, of covered loans. Covered loans refer to Federal Family Education Loans, Federal Direct Loans, Federal Perkins Loans, and loans under the Health Education Assistance Loan Program.

The prohibition does not apply to targeted federal student loan forgiveness, cancellation, or repayment programs that are in effect by final regulation on March 12, 2020, and carried out under the Higher Education Act of 1965.

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Current Status of Bill HR 1211

Bill HR 1211 is currently in the status of Bill Introduced since February 27, 2023. Bill HR 1211 was introduced during Congress 118 and was introduced to the House on February 27, 2023. Bill HR 1211's most recent activity was Referred to the Subcommittee on Health. as of March 10, 2023