PRINTER'S NO. 3079
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
2124
Session of
2018
INTRODUCED BY C. QUINN, ELLIS, RYAN, DRISCOLL, YOUNGBLOOD, MURT,
MOUL, ZIMMERMAN AND WATSON, MARCH 6, 2018
REFERRED TO COMMITTEE ON COMMERCE, MARCH 6, 2018
AN ACT
Amending the act of March 10, 1949 (P.L.30, No.14), entitled "An
act relating to the public school system, including certain
provisions applicable as well to private and parochial
schools; amending, revising, consolidating and changing the
laws relating thereto," in preliminary provisions, providing
for information regarding education loans.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. The act of March 10, 1949 (P.L.30, No.14), known
as the Public School Code of 1949, is amended by adding a
section to read:
Section 127. Information Regarding Education Loans.-- (a) An
institution of higher education that receives Federal education
loan information or other student loan information regarding a
student enrolled at the institution of higher education shall
provide the following to the student on an annual basis prior to
the student's acceptance of the Federal education loan or other
student loan:
(1) An estimate of the total amount of Federal education
loans or other student loans taken out by the student.
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(2) Subject to subsection (b), an estimate of the following:
(i) The potential total payoff amount of the Federal
education loans or other student loans incurred or a range of
the total payoff amount.
(ii) Monthly repayment amounts that a similarly situated
borrower may incur, including principal and interest, for the
amount of the Federal education loans or other student loans
taken out at the time that the information is provided.
(3) The number of years used in determining the potential
total payoff amount.
(4) Information on how the student can access online
repayment calculators.
(5) The percentage of the borrowing limit that the student
has reached at the time that the information is provided.
(b) The information provided to the student under subsection
(a) may include a statement that any estimate or range provided
is general in nature and not intended to be a guarantee or
promise of an actual projected amount.
(c) An institution of higher education shall not incur
liability for any representation made under this section.
(d) As used in this section, the following words and phrases
shall have the meanings given to them in this subsection unless
the context clearly indicates otherwise:
"Institution of higher education." As defined in section
118(c).
"Student." As defined in section 118(c).
Section 2. This act shall take effect in 60 days.
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