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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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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Republican 4
R
Smucker, Lloyd
Pennsylvania · May 25, 2023
 R
Owens, Burgess
Utah · May 17, 2023
 R
Tenney, Claudia
New York · May 17, 2023
 R
Tiffany, Thomas P.
Wisconsin · May 17, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 3414: Responsible Borrowing Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-HR-3414/
MLA
"H.R. 3414: Responsible Borrowing Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-3414/.
Bluebook (legal)
H.R. 3414, 118th Cong. (2026), https://openamerica.io/bill/118-HR-3414/.
Markdown link
[H.R. 3414: Responsible Borrowing Act of 2023](https://openamerica.io/bill/118-HR-3414/)
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