Bill Text: MI HB5071 | 2017-2018 | 99th Legislature | Introduced
Bill Title: Higher education; financial aid; annual disclosure of certain information concerning federal student loans taken out by each student; require colleges and universities to provide. Creates new act.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2017-12-05 - Referred To Committee On Education [HB5071 Detail]
Download: Michigan-2017-HB5071-Introduced.html
HOUSE BILL No. 5071
October 10, 2017, Introduced by Reps. Albert, Vaupel, Wentworth and Kahle and referred to the Committee on Education Reform.
A bill to require institutions of higher education to make
certain disclosures to students concerning their federal student
loans; and to provide for the powers and duties of certain state
and local governmental officers and entities.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 1. This act shall be known and may be cited as the
"federal student loan disclosure act".
Sec. 2. As used in this act:
(a) "Institution of higher education" means a degree or
certificate granting public or private college or university,
junior college, or community college in this state.
(b) "Student loan" means a federal loan disbursed to a student
to pay for education-related expenses.
Sec. 3. (1) Beginning with the 2018-2019 academic year, an
institution of higher education that receives student loan
information for a student enrolled in that institution shall
annually provide to that student all of the following information
in print or electronic format:
(a) An estimate of all of the following:
(i) The total amount of student loans taken out by the
student.
(ii) The potential total payoff amount of the student loans
incurred or a range of the total payoff amount.
(iii) Monthly repayment amounts that a similarly situated
borrower may incur, including principal and interest, for the
amount of the student loans that the student has taken out at the
time the information is provided.
(iv) The percentage of the borrowing limit that the student
has reached at the time the information is provided.
(b) Identification of resources that the student may use to
learn more about student loans generally.
(2) The information provided under this section 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 amounts.
(3) An institution of higher education does not incur
liability for any representations made under this section.
