A07448
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
AS REPORTED FROM COMMITTEE ON COMMERCE, HOUSE OF
REPRESENTATIVES, AS AMENDED, MARCH 12, 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 DISBURSED BY THE INSTITUTION OF HIGHER EDUCATION :
at a time determined by the school, but no later than July 1
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each year:
(1) An estimate of the total amount of Federal education
loans or other student loans WHICH ARE DISBURSED BY THE
INSTITUTION OF HIGHER EDUCATION taken out by the student.
(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 WHICH ARE DISBURSED BY
THE INSTITUTION OF HIGHER EDUCATION 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
WHICH ARE DISBURSED BY THE INSTITUTION OF HIGHER EDUCATION taken
out at the time that the information is provided. by the student
enrolled at the institution of higher education, if the loans
were to go into repayment as of the date of the annual
notification under this subsection.
(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. The statement may include
a disclaimer that the information provided under subsection (a)
pertains only to Federal loans disbur sed at the institution that
is providing the information or any loans disbursed directly
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from the institution.
(c) An institution of higher education shall not incur
liability for any representation made under this section.
(d) AN INSTITUTION OF HIGHER EDUCATION SHALL PROVIDE THE
INFORMATION REQUIRED UNDER THIS SECTION ANNUALLY BEGINNING IN
SEPTEMBER 2019.
(E) AN INSTITUTION OF HIGHER EDUCATION SHALL PROVIDE THE
INFORMATION TO STUDENTS THROUGH FIRST CLASS MAIL, ELECTRONIC
MAIL OR OTHER COMMUNICATION PROTOCOL ESTABLISHED BY THE
INSTITUTION OF HIGHER EDUCATION.
(F) THE DEPARTMENT OF EDUCATION SHALL ADMINISTER AND ENFORCE
THE PROVISIONS OF THIS SECTION.
(G) 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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