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HR 3414 118th Congress House Education

Responsible Borrowing Act of 2023

Introduced: May 17, 2023 Introduced by: Grothman, Glenn Republican · Wisconsin See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 17, 2023
Referred to the House Committee on Education and the Workforce.
May 17, 2023
Introduced in House
 Plain-English summary Congressional Research Service

Responsible Borrowing Act of 2023

This bill authorizes institutions of higher education (IHEs) to prorate or limit the amount of a Federal Direct Loan that an enrolled student may borrow for an academic year or in the aggregate.

The bill specifies the factors that an IHE may use to limit these loans. These factors include the average or median starting salary for typical occupations pursued by graduates of the program (or the median earnings of students who complete such program), the enrollment status of the student (i.e., full- or part-time enrollment), the credential level of the program (e.g., degree or certificate), and the year of the program for which the student is seeking the loan.

Upon request of a student whose loan has been prorated or limited, an IHE may increase the amount of the loan within otherwise applicable limits at the discretion of the IHE's financial aid administrator.

What's happening now May 17, 2023

Referred to the House Committee on Education and the Workforce.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Republican 4