Lowering Education Costs and Debt Act
The source supplies the latest action, but no lifecycle stage.
Latest action (14 Jun 2023): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
What this bill does
S. 1972, the Lowering Education Costs and Debt Act, is a Senate bill introduced by Sen. Bill Cassidy and several cosponsors that would expand what data the federal government collects and publishes about colleges and student outcomes. It directs the National Center for Education Statistics to build a secure, privacy-protected postsecondary student-level data system, repeals an existing legal ban on such a system, and sets rules for what data can and cannot be collected (excluding items like health records, exact addresses, and political or religious information). It also requires periodic, safeguarded data-sharing with other federal agencies to track enrollment, costs, debt, and post-graduation earnings, and requires publication of aggregate, non-identifying information for consumers. The bill's later titles, described only by section headings in the provided text, address standardizing financial aid offer letters, loan counseling and disclosure requirements, income-driven repayment changes, and graduate student loan limits.
The bill would primarily affect colleges and universities, which would face new reporting requirements; the Department of Education and NCES, which would build and maintain the data systems; and prospective and current students, who are meant to benefit from more comparable cost and outcome information and loan-related disclosures.
The bill was introduced on June 14, 2023, referred to the Senate Committee on Health, Education, Labor, and Pensions, and has not received a committee vote or further action.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Lowering Education Costs and Debt Act
This bill makes various changes to the federal student loan system, including by addressing options for student loan repayment.
First, the bill requires the National Center for Education Statistics to establish a secure and privacy-protected data system that contains information about postsecondary students.
Second, the bill requires the Department of Education (ED) to develop standard terminology and a format for financial aid offer forms based on recommendations from representatives of certain groups. Each institution of higher education (IHE) that participates in federal student aid programs must (1) use the standard form when offering financial aid to students, and (2) use the standard terminology and definitions developed by ED for all communications related to financial aid offers.
The bill revises and expands loan counseling for borrowers of federal student loans. For example, the bill requires an IHE that participates in federal student aid programs to provide loan counseling to a student borrower of a federal student loan at the first disbursement of a loan in each award year.
Additionally, the bill addresses options for student loan repayment and access to federal student loans. For example, the bill consolidates existing repayment plans into two options: a standard 10-year repayment plan and an income-driven repayment plan.
The bill limits federal student loan borrowing for graduate and professional students by (1) terminating the ability of a graduate or professional student to receive a Direct PLUS Loan, and (2) reducing the aggregate loan limits for Direct Unsubsidized Loans.
Timeline
14 Jun 2023
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Common questions
- What does S. 1972 do?
- S. 1972, the Lowering Education Costs and Debt Act, is a Senate bill introduced by Sen. Bill Cassidy and several cosponsors that would expand what data the federal government collects and publishes about colleges and student outcomes. It directs the National Center for Education Statistics to build a secure, privacy-protected postsecondary student-level data system, repeals an existing legal ban on such a system, and sets rules for what data can and cannot be collected (excluding items like health records, exact addresses, and political or religious information). It also requires periodic, safeguarded data-sharing with other federal agencies to track enrollment, costs, debt, and post-graduation earnings, and requires publication of aggregate, non-identifying information for consumers. The bill's later titles, described only by section headings in the provided text, address standardizing financial aid offer letters, loan counseling and disclosure requirements, income-driven repayment changes, and graduate student loan limits. The bill would primarily affect colleges and universities, which would face new reporting requirements; the Department of Education and NCES, which would build and maintain the data systems; and prospective and current students, who are meant to benefit from more comparable cost and outcome information and loan-related disclosures. The bill was introduced on June 14, 2023, referred to the Senate Committee on Health, Education, Labor, and Pensions, and has not received a committee vote or further action.
- Has S. 1972 become law?
- The source does not supply a confirmed lifecycle stage for S. 1972. Check the latest action and official source below.
- Who sponsored S. 1972?
- S. 1972 was sponsored by Sen. Cassidy, Bill [R-LA] (R-LA), with 5 cosponsors.
- What's the latest action on S. 1972?
- Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (14 Jun 2023).
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