PRINTER'S NO. 563
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
537
Session of
2017
INTRODUCED BY THOMAS, BULLOCK, ZIMMERMAN, KINSEY, DRISCOLL,
V. BROWN, SOLOMON AND DAVIDSON, FEBRUARY 17, 2017
REFERRED TO COMMITTEE ON EDUCATION, FEBRUARY 17, 2017
AN ACT
Requiring institutions of higher education to provide students
with education loan disclosures; and conferring powers and
imposing duties on the Department of Education.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Short title.
This act shall be known and may be cited as the Education
Loan Disclosure Act.
Section 2. Definitions.
The following words and phrases when used in this act shall
have the meanings given to them in this section unless the
context clearly indicates otherwise:
"Education loan." A direct loan or loan insured or
guaranteed under a Federal or State program or a program of
private insurance that is made to assist a student in obtaining
a degree from an institution of higher education.
"Institution of higher education." An approved or eligible
institution of higher education under the act of August 7, 1963
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(P.L.549, No.290), referred to as the Pennsylvania Higher
Education Assistance Agency Act.
Section 3. Education loan disclosure.
(a) Disclosure requirements.--An institution of higher
education that receives education loan information for a student
enrolled in the institution of higher education shall provide
the following information to the student:
(1) An estimate of the total amount of education loans
taken out by the student.
(2) An estimate, which may include a statement that the
estimates and ranges provided are general in nature and not
meant as a guarantee or promise of the actual projected
amount, of the following:
(i) The potential total payoff amount of the
education 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 loans the student has taken
out at the time the information is provided.
(b) Annual disclosure.--An institution of higher education
shall provide the information required under this section
annually beginning in 2017.
(c) Method.--An institution of higher education shall
provide the disclosure to students through first class mail or
electronic mail.
(d) Administration.--The Department of Education shall
administer and enforce the provisions of this act.
(e) Nonliability.--An institution of higher education shall
not incur liability for any representations made under this
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section.
Section 4. Effective date.
This act shall take effect in 60 days.
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