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H.R. 3612: Know Before You Owe Private Student Loan Act of 2013

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H.R. 3612: Know Before You Owe Private Student Loan Act of 2013

113th Congress · introduced 2013-11-21 · Education · Latest: Referred to the Subcommittee on Higher Education and Workforce Training.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2013-11-21 · official record
  2. Who proposed it: Rep. Polis, Jared [D-CO-2] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the Subcommittee on Higher Education and Workforce Training. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Know Before You Owe Private Student Loan Act of 2013

Plain summary

Know Before You Owe Private Student Loan Act of 2013 - Amends the Truth in Lending Act to require a lender, before issuing a private education loan for a student attending an institution of higher education (IHE), to obtain the IHE's certification of: (1) the student's enrollment status, (2) the student's cost of attendance, and (3) the difference between that cost and the student's estimated financial assistance. Eliminates the requirement that such lenders obtain a self-certification form from the private education loan applicant. Allows a lender to issue such loan without a certification if there is no response from the relevant IHE within 15 business days of the lender's request for the certification. Requires private educational lenders to: (1) send loan statements to borrowers at least once every three months a student is enrolled at an IHE; (2) notify the relevant IHE, in writing, of the loan amount and the student to whom it applies no later than the date funds are issued; and (3) submit an annual report to the Bureau of Consumer Financial Protection (CFPB) containing information the CFPB requires concerning private student loans. Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require IHEs, before providing lenders with certifications, to determine whether students have exhausted their options for title IV assistance and notify borrowers of: (1) the availability of such assistance, (2) their ability to choose their own private educational lender, (3) the impact of the proposed private education loan on their eligibility for other financial assistance, and (4) their right to accept or reject a private education loan within 30 days of the lender's approval of their application and to cancel the loan within 3 business days of its consummation.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Know Before You Owe Private Student Loan Act of 2013

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

Arguments for (supporters)

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Arguments against (opponents)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Polis, Jared [D-CO-2] · 5 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Suzanne Bonamici (D-OR)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Sources

Record fed-us-cong113-hr3612 · catalog fed-us-congress-bills-cong113 · updated 2026-11-15 by psicol fed-bills-cong113