,,ii  #aae? ,,congress  #a/ ,session    
,s4 #bbbd  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #ac1 #bjag    
,mr4 ,donnelly 7= himself1 ,mr4         
,johnson1 & ,ms4 ,klobu*>7 introduc$ !  
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,heal?1 ,education1  
,labor1 & ,p5sions  ,a ,,bill  ,to      
e/abli% be/ practices = tea*+ f9ancial  
lit]acy1 & to e/abli% an annual e/imate 
( /ud5t borr[+ co/s4  #a4 ,%ort title   
,?is ,act may be cit$ z ! ,emp[]+ ,/ud5t
 ,borr[]s ,act4  #b4 ,be/ practices =   
tea*+ f9ancial lit]acy ,"p ,c ( title ,i
 ( ! ,high] ,education ,act ( #aife 7#bj
 ,u4,s4,c4 #ajae et seq47 is am5d$ by   
add+ at ! end ! foll[+3  #ach4 ,be/     
practices = tea*+ f9ancial lit]acy  7a7 
,be/ practices  7#a7 ,9 g5]al ,aft]     
solicit+ public comm5ts & consult+ ) &  
receiv+ input f relevant p>ties1 includ+
 a div]se set ( in/itutions ( high]     
education & o!r p>ties1 ! ,secret>y     
%all1 by n lat] ?an #a ye> aft] ! date (
 enactm5t ( ! ,emp[]+ ,/ud5t ,borr[]s   

,act1 e/abli% be/ practices =           
in/itutions ( high] education reg>d+    
me?ods to--  7,a7 tea* f9ancial lit]acy 
skills2 &  7,b7 provide useful &        
necess>y in=mation to assi/ /ud5ts at   
in/itutions ( high] education :5 mak+   
f9ancial decisions relat$ to /ud5t      
borr[+4  7#b7 ,be/ practices ,! be/     
practices describ$ 9 p>agraph 7#a7 %all 
include ! foll[+3 7,a7 ,me?ods to ensure
 t /ud5ts h a cle> s5se ( ! /ud5ts'     
total borr[+ obligations1 includ+ mon?ly
 paym5ts1 & repaym5t options4  7,b7 ,!  
mo/ effective ways to engage /ud5ts 9   
f9ancial lit]acy education1 includ+     
frequ5cy & tim+ ( communication )       
/ud5ts4  7,c7 ,in=mation on h[ to t>get 
diff]5t /ud5t populations1 includ+ "p-"t
 /ud5ts1 fir/-"t /ud5ts1 & o!r          
nontraditional /ud5ts4  7,d7 ,ways to   
cle>ly communicate ! importance (       
graduat+ on a /ud5t's ability to repay  
/ud5t loans4  7b7 ,ma9t5ance ( be/      
practices ,! ,secret>y %all ma9ta9 &    
p]iodically update ! be/ practices      

in=mation requir$ "u subsection 7a7 &   
make ! be/ practices available to !     
public4  4  #c4 ,annual e/imate ( /ud5t 
loan borr[+ co/s ,section #dhe ( !      
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajib7 is am5d$ by add+ at !  
end ! foll[+3  7n7 ,annual e/imate (    
/ud5t loan borr[+ co/s  7#a7 ,9 g5]al   
,beg9n+ on ,july #a1 #bjai1 ea* eligible
 in/itution %all provide a co/ e/imate  
describ$ 9 p>agraph 7#b7 to ea* enroll$ 
/ud5t :o receives an education loan to  
att5d ! in/itution1 n lat] ?an #cj days 
be=e ! fir/ day ( ea* academic ye>      
beg9n+ aft] ! academic ye> = :i* ! /ud5t
 fir/ receiv$ su* a loan to att5d su*   
in/itution4  7#b7 ,cont5ts ( e/imate ,! 
e/imate "u p>agraph 7#a7 %all conta9 !  
foll[+ in=mation3 7,a7 ,cumulative      
balances & mon?ly paym5ts ,a notice to !
 /ud5t (--  7i7 ! cumulative balance (  
education loans ow$ by ! /ud5t z ( !    
date ( ! notice2 &  7ii7 project$ mon?ly
 paym5t am\nts bas$ on ! cumulative     
balances describ$ 9 clause 7i71 assum+ a

 /&>d repaym5t s*$ule4  7,b7 ,int]e/    
rates ,! int]e/ rate ( ea* education    
loan1 except t int]e/ rates = a private 
education loan may be bas$ on av]age    
private education loan int]e/ rates if !
 in/itution _c reasonably det]m9e !     
actual int]e/ rate ( su* loan4  7,c7    
,disclaim] ,a cle> & conspicu\s notice  
/at+ t any in=mation provid$ "u p>agraph
 7#a7 is an e/imate1 accurate to ! be/ (
 ! in/itution's k1 & t an int]e/ rate   
provid$ "u subp>agraph 7,b7--  7i7 9 !  
case ( a loan describ$ 9 p>agraph       
7#f77;,a77i71 is ! applicable rate (    
int]e/ ( su* loan2  7ii7 9 ! case ( a   
private education loan1 may be bas$ on  
av]age private education loan int]e/    
rates2 &  7iii7 does n include private  
education loans ( :i* ! in/itution is n 
aw>e4  7#c7 ,=m ( e/imate ,! e/imate "u 
p>agraph 7#a7 %all be--  7,a7 provid$ to
 ! /ud5t 9 h>d copy =mat on ! lett]head 
( ! in/itution1 by electronic mail or by
 ano!r me?od ! ,secret>y may prescribe2 
&  7,b7 deliv]$ to ! /ud5t sep>ately f  

any o!r disclosures requir$ "u ?is ,act4
  7#d7 ,limitation ( liability ,an      
in/itution t provides ! e/imate "u      
p>agraph 7#a7 9 good fai? %all n be     
liable to any p]son = inaccuracies      
conta9$ 9 su* e/imate4  7#e7 ,/ud5t debt
 lett] template ,n lat] ?an ,july #a1   
#bjah1 & z necess>y !reaft]1 ! ,secret>y
 %all provide ! foll[+ to eligible      
in/itutions3  7,a7 ,examples ( !        
in=mation requir$ "u subp>agraphs 7,a71 
7,b71 & 7,c7 ( p>agraph 7#b74  7,b7     
,te*nical assi/ance on h[ to comply ) ! 
requirem5ts ( ?is subsection4  7,c7     
,prelim9>y approvals 9 a timely mann] ( 
e/imate =mats propos$ = use by an       
in/itution1 at ! reque/ ( ! in/itution4 
7,d7 ,! =mula 7:i* %all take into       
consid]ation a /ud5t's pa/ borr[+ rates 
& o!r crit]ia ! ,secret>y may det]m9e7  
to be us$ 9 mak+ ! projections "u       
clauses 7i7 & 7ii7 ( p>agraph 7#b77;,a7 
) respect to loans describ$ 9 p>agraph  
7#f77;,a77i74  7,e7 ,encryption         
te*nology s(tw>e to enable in/itutions  

to provide ! e/imate "u p>agraph 7#b7 to
 /ud5ts 9 a secure =mat = in/itutions t 
*oose to provide ! e/imate to /ud5ts 9  
an electronic =mat4  7#f7 ,def9itions ,9
 ?is subsection3 7,a7 ,education loan ,!
 t]m education loan means--  7i7 a loan 
made "u "p ,d 7o!r ?an a ,f$]al ,direct 
,consolidation ,loan or a ,f$]al ,direct
 ,,plus loan made on behalf ( a /ud5t72 
7ii7 a loan made "u a ,/ate-sponsor$    
loan program = ! purpose ( pay+ a       
/ud5t's co/ ( att5dance at an in/itution
 ( high] education2 &  7iii7 a private  
education loan ) respect to :i* !       
in/itution %\ld reasonably be aw>e4     
7,b7 ,private education loan ,! t]m     
private education loan has ! mean+ giv5 
! t]m 9 section #adj ( ! ,tru? 9 ,l5d+  
,act4  7,c7 ,/ud5t ,! t]m /ud5t1 :5 us$ 
) respect to an eligible in/itution1    
does n include any /ud5t :o has         
transf]r$ to ! in/itution less ?an #fj  
days be=e ! fir/ day ( ! academic ye> = 
:i* an e/imate w\ld be provid$4  4  #d4 
,annual provision ( in=mation by !      

,secret>y ( ,education ,n lat] ?an      
,april #a1 #bjai1 & annually !reaft]1 ! 
,secret>y ( ,education %all provide to  
ea* in/itution 7z def9$ 9 section #ajb (
 ! ,high] ,education ,act ( #aife 7#bj  
,u4,s4,c4 #ajjb77 ! foll[+ in=mation3   
7#a7 ,! am\nt ( any loans made "u "p ,d 
( title ,,iv ( ! ,high] ,education ,act 
( #aife 7#bj ,u4,s4,c4 #ajhg;a et seq47 
7o!r ?an a ,f$]al ,direct ,consolidation
 ,loan or a ,f$]al ,direct ,,plus loan  
made on behalf ( a /ud5t7 expect$ to be 
disburs$ to any borr[] enroll$ 9 t      
in/itution = ! next academic ye>4  7#b7 
,! project$ cumulative balance ( su*    
loans1 z det]m9$ 9 accordance ) section 
#dhe7n77#e77;,d7 ( su* ,act 7#bj        
,u4,s4,c4 #ajib7n77#e77;,d771 z add$ by 
?is ,act1 t w be ow$ by ea* borr[] t is 
enroll$ 9 ! in/itution aft] ! completion
 ( ! borr[]'s c\rse ( /udy at !         
in/itution ( high] education4  7#c7 ,!  
project$ mon?ly paym5t am\nts ( su*     
loans1 z det]m9$ 9 accordance ) section 
#dhe7n77#e7 ( ! ,high] ,education ,act (

 #aife 7#bj ,u4,s4,c4 #ajib7n77#e771    
assum+ a /&>d repaym5t s*$ule 7z        
describ$ 9 section #dee7;d77#a77;,a7 (  
su* ,act 7#bj ,u4,s4,c4                 
#ajhg;e7d77#a77;,a7774