Providing information to students about education loans (Orwall, Shea, Pollet)

See companion.

In regards to the required notification, the substitute bill adds that the notification only has to
be sent to an enrolled student who has applied for financial aid, that the notification has to be
sent via e-mail, and changes when the notification must be sent, which is from "a new financial aid package including loans" to "each time a financial aid package that includes a new or revised loan." The information provided in the notification is modified slightly, such that the percentage of the federal direct loan borrowing limit reached was clarified as the aggregate limit based on the student's program of study, and principal and interest was struck from the monthly repayment amount and added to the total payment amount estimate. In addition, the implementation date for the notices is pushed back six months to July 1, 2018.

The State Board for Community and Technical Colleges is added to the list of agencies theCouncil must consult with in developing a compliance form, and it is clarified that the Council is the agency that must report compliance to the Legislature.The date for when the Council must develop the form for the postsecondary institutions to report compliance is also pushed back to match the implementation date. Other changes include various nonsubstantive language changes, and the definitions of student education loan and educational institutions were modified.

Hearing Date: Tuesday, January 17, 2017 -- 8:00 am

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