The "Know Before You Owe Federal Student Loan Act of 2023" aims to increase transparency and provide clear information to students taking out federal student loans. The bill requires loan servicers to disclose key details about loans, such as interest rates, repayment options, and total costs. It also mandates the creation of a standardized financial aid offer form to help students compare different loan options easily. This legislation seeks to empower students with the necessary information to make informed decisions about their student loans and reduce confusion or misrepresentation in the borrowing process.
2023-02-27: Introduced in House
2023-02-27: Referred to the House Committee on Education and the Workforce.
2023-03-01: Sponsor introductory remarks on measure. (CR H976)
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