IIB 

113TH CONGRESS 

2D SESSION H. R. 4984 

IN THE SENATE OF THE UNITED STATES 

JULY 28, 2014 

Received; read twice and referred to the Committee on Health, Education, 

Labor, and Pensions 

AN ACT 

To amend the loan counseling requirements under the Higher 

Education Act of 1965, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Empowering Students 

3 Through Enhanced Financial Counseling Act’’. 

4 SEC. 2. ANNUAL COUNSELING. 

5 Section 485(l) of the Higher Education Act of 1965 

6 (20 U.S.C. 1092(l)) is amended to read as follows: 

7 ‘‘(l) ANNUAL FINANCIAL AID COUNSELING.— 

8 ‘‘(1) ANNUAL DISCLOSURE REQUIRED.— 

9 ‘‘(A) IN GENERAL.—Each eligible institu10 tion shall ensure that each individual who re11 ceives a Federal Pell Grant or a loan made 

12 under part D (other than a Federal Direct Con13 solidation Loan) receives comprehensive infor14 mation on the terms and conditions of such 

15 Federal Pell Grant or loan and the responsibil16 ities the individual has with respect to such 

17 Federal Pell Grant or loan. Such information 

18 shall be provided, for each award year for which 

19 the individual receives such Federal Pell Grant 

20 or loan, in a simple and understandable man21 ner— 

22 ‘‘(i) during a counseling session con23 ducted in person; 

24 ‘‘(ii) online, with the individual ac25 knowledging receipt of the information; or 


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1 ‘‘(iii) through the use of the online 

2 counseling tool described in subsection 

3 (n)(1)(B). 

4 ‘‘(B) USE OF INTERACTIVE PROGRAMS.— 

5 In the case of institutions not using the online 

6 counseling tool described in subsection 

7 (n)(1)(B), the Secretary shall require such in8 stitutions to carry out the requirements of sub9 paragraph (A) through the use of interactive 

10 programs, during an annual counseling session 

11 that is in-person or online, that test the individ12 ual’s understanding of the terms and conditions 

13 of the Federal Pell Grant or loan awarded to 

14 the student, using simple and understandable 

15 language and clear formatting. 

16 ‘‘(2) ALL INDIVIDUALS.—The information to be 

17 provided under paragraph (1)(A) to each individual 

18 receiving counseling under this subsection shall in19 clude the following: 

20 ‘‘(A) An explanation of how the student 

21 may budget for typical educational expenses 

22 and a sample budget based on the cost of at23 tendance for the institution. 

24 ‘‘(B) An explanation that an individual has 

25 a right to annually request a disclosure of inforVerDate Mar 15 2010 00:14 Jul 29, 2014 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H4984.RFS H4984

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1 mation collected by a consumer reporting agen2 cy pursuant to section 612(a) of the Fair Credit 

3 Reporting Act (15 U.S.C. 1681j(a)). 

4 ‘‘(C) Based on the most recent data avail5 able from the American Community Survey 

6 available from the Department of Commerce, 

7 the estimated average income and percentage of 

8 employment in the State of domicile of the bor9 rower for persons with— 

10 ‘‘(i) a high school diploma or equiva11 lent; 

12 ‘‘(ii) some post-secondary education 

13 without completion of a degree or certifi14 cate; and 

15 ‘‘(iii) a bachelor’s degree. 

16 ‘‘(D) An introduction to the financial man17 agement resources provided by the Financial 

18 Literacy and Education Commission. 

19 ‘‘(3) STUDENTS RECEIVING FEDERAL PELL

20 GRANTS.—The information to be provided under 

21 paragraph (1)(A) to each student receiving a Fed22 eral Pell Grant shall include the following: 

23 ‘‘(A) An explanation of the terms and con24 ditions of the Federal Pell Grant. 


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1 ‘‘(B) An explanation of approved edu2 cational expenses for which the student may use 

3 the Federal Pell Grant. 

4 ‘‘(C) An explanation of why the student 

5 may have to repay the Federal Pell Grant. 

6 ‘‘(D) An explanation of the maximum 

7 number of semesters or equivalent for which the 

8 student may be eligible to receive a Federal Pell 

9 Grant, and a statement of the amount of time 

10 remaining for which the student may be eligible 

11 to receive a Federal Pell Grant. 

12 ‘‘(E) An explanation that if the student 

13 transfers to another institution not all of the 

14 student’s courses may be acceptable in transfer 

15 toward meeting specific degree or program re16 quirements at such institution, but the amount 

17 of time remaining for which a student may be 

18 eligible to receive a Federal Pell Grant, as pro19 vided under subparagraph (D), will not change. 

20 ‘‘(F) An explanation of how the student 

21 may seek additional financial assistance from 

22 the institution’s financial aid office due to a 

23 change in the student’s financial circumstances, 

24 and the contact information for such office. 


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1 ‘‘(4) BORROWERS RECEIVING LOANS MADE

2 UNDER PART D (OTHER THAN PARENT PLUS

3 LOANS).—The information to be provided under 

4 paragraph (1)(A) to a borrower of a loan made 

5 under part D (other than a Federal Direct PLUS 

6 Loan made on behalf of a dependent student) shall 

7 include the following: 

8 ‘‘(A) To the extent practicable, the effect 

9 of accepting the loan to be disbursed on the eli10 gibility of the borrower for other forms of stu11 dent financial assistance. 

12 ‘‘(B) An explanation of the use of the mas13 ter promissory note. 

14 ‘‘(C) An explanation that the borrower is 

15 not required to accept the full amount of the 

16 loan offered to the borrower. 

17 ‘‘(D) An explanation that the borrower 

18 should consider accepting any grant, scholar19 ship, or State or Federal work-study jobs for 

20 which the borrower is eligible prior to accepting 

21 Federal student loans. 

22 ‘‘(E) A recommendation to the borrower to 

23 exhaust the borrower’s Federal student loan op24 tions prior to taking out private loans, an expla25 nation that Federal student loans typically offer 


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1 better terms and conditions than private loans, 

2 an explanation of treatment of loans made 

3 under part D and private education loans in 

4 bankruptcy, and an explanation that if a bor5 rower decides to take out a private education 

6 loan— 

7 ‘‘(i) the borrower has the ability to se8 lect a private educational lender of the bor9 rower’s choice; 

10 ‘‘(ii) the proposed private education 

11 loan may impact the borrower’s potential 

12 eligibility for other financial assistance, in13 cluding Federal financial assistance under 

14 this title; and 

15 ‘‘(iii) the borrower has a right— 

16 ‘‘(I) to accept the terms of the 

17 private education loan within 30 cal18 endar days following the date on 

19 which the application for such loan is 

20 approved and the borrower receives 

21 the required disclosure documents, 

22 pursuant to section 128(e)(6) of the 

23 Truth in Lending Act; and 

24 ‘‘(II) to cancel such loan within 3 

25 business days of the date on which the 


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1 loan is consummated, pursuant to sec2 tion 128(e)(7) of such Act. 

3 ‘‘(F) An explanation of the approved edu4 cational expenses for which the borrower may 

5 use a loan made under part D. 

6 ‘‘(G) Information on the annual and aggre7 gate loan limits for Federal Direct Stafford 

8 Loans and Federal Direct Unsubsidized Staf9 ford Loans. 

10 ‘‘(H) Information on how interest accrues 

11 and is capitalized during periods when the in12 terest is not paid by either the borrower or the 

13 Secretary. 

14 ‘‘(I) In the case of a Federal Direct PLUS 

15 Loan or a Federal Direct Unsubsidized Staf16 ford Loan, the option of the borrower to pay 

17 the interest while the borrower is in school. 

18 ‘‘(J) The definition of half-time enrollment 

19 at the institution, during regular terms and 

20 summer school, if applicable, and the con21 sequences of not maintaining at least half-time 

22 enrollment. 

23 ‘‘(K) An explanation of the importance of 

24 contacting the appropriate offices at the institu25 tion of higher education if the borrower withVerDate Mar 15 2010 00:14 Jul 29, 2014 Jkt 039200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H4984.RFS H4984

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1 draws prior to completing the borrower’s pro2 gram of study so that the institution can pro3 vide exit counseling, including information re4 garding the borrower’s repayment options and 

5 loan consolidation. 

6 ‘‘(L) For a first-time borrower— 

7 ‘‘(i) a statement of the anticipated 

8 balance on the loan for which the borrower 

9 is receiving counseling under this sub10 section; 

11 ‘‘(ii) based on such anticipated bal12 ance, the anticipated monthly payment 

13 amount under, at minimum— 

14 ‘‘(I) the standard repayment 

15 plan; and 

16 ‘‘(II) an income-based repayment 

17 plan under section 493C, as deter18 mined using regionally available data 

19 from the Bureau of Labor Statistics 

20 of the average starting salary for the 

21 occupation in which the borrower has 

22 an interest in or intends to be em23 ployed; and 

24 ‘‘(iii) an estimate of the projected 

25 monthly payment amount under each reVerDate Mar 15 2010 00:14 Jul 29, 2014 Jkt 039200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\H4984.RFS H4984

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1 payment plan described in clause (ii), 

2 based on the average cumulative indebted3 ness at graduation for borrowers of loans 

4 made under part D who are in the same 

5 program of study as the borrower. 

6 ‘‘(M) For a borrower with an outstanding 

7 balance of principal or interest due on a loan 

8 made under this title— 

9 ‘‘(i) a current statement of the 

10 amount of such outstanding balance and 

11 interest accrued; 

12 ‘‘(ii) based on such outstanding bal13 ance, the anticipated monthly payment 

14 amount under, at minimum, the standard 

15 repayment plan and, using regionally avail16 able data from the Bureau of Labor Sta17 tistics of the average starting salary for 

18 the occupation the borrower intends to be 

19 employed, an income-based repayment plan 

20 under section 493C; and 

21 ‘‘(iii) an estimate of the projected 

22 monthly payment amount under each re23 payment plan described in clause (ii), 

24 based on— 


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1 ‘‘(I) the outstanding balance de2 scribed in clause (i); 

3 ‘‘(II) the anticipated outstanding 

4 balance on the loan for which the stu5 dent is receiving counseling under this 

6 subsection; and 

7 ‘‘(III) a projection for any other 

8 loans made under part D that the 

9 borrower is reasonably expected to ac10 cept during the borrower’s program of 

11 study based on at least the expected 

12 increase in the cost of attendance of 

13 such program. 

14 ‘‘(N) The obligation of the borrower to 

15 repay the full amount of the loan, regardless of 

16 whether the borrower completes or does not 

17 complete the program in which the borrower is 

18 enrolled within the regular time for program 

19 completion. 

20 ‘‘(O) The likely consequences of default on 

21 the loan, including adverse credit reports, delin22 quent debt collection procedures under Federal 

23 law, and litigation, and a notice of the institu24 tion’s most recent cohort default rate (defined 

25 in section 435(m)), an explanation of the cohort 


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1 default rate, the most recent national average 

2 cohort default rate, and the most recent na3 tional average cohort default rate for the cat4 egory of institution described in section 

5 435(m)(4) to which the institution belongs. 

6 ‘‘(P) Information on the National Student 

7 Loan Data System and how the borrower can 

8 access the borrower’s records. 

9 ‘‘(Q) The contact information for the insti10 tution’s financial aid office or other appropriate 

11 office at the institution the borrower may con12 tact if the borrower has any questions about the 

13 borrower’s rights and responsibilities or the 

14 terms and conditions of the loan. 

15 ‘‘(5) BORROWERS RECEIVING PARENT PLUS

16 LOANS FOR DEPENDENT STUDENTS.—The informa17 tion to be provided under paragraph (1)(A) to a bor18 rower of a Federal Direct PLUS Loan made on be19 half of a dependent student shall include the fol20 lowing: 

21 ‘‘(A) The information described in sub22 paragraphs (A) through (C) and (N) through 

23 (Q) of paragraph (4). 


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1 ‘‘(B) The option of the borrower to pay the 

2 interest on the loan while the loan is in 

3 deferment. 

4 ‘‘(C) For a first-time borrower of such 

5 loan— 

6 ‘‘(i) a statement of the anticipated 

7 balance on the loan for which the borrower 

8 is receiving counseling under this sub9 section; 

10 ‘‘(ii) based on such anticipated bal11 ance, the anticipated monthly payment 

12 amount under the standard repayment 

13 plan; and 

14 ‘‘(iii) an estimate of the projected 

15 monthly payment amount under the stand16 ard repayment plan, based on the average 

17 cumulative indebtedness of other borrowers 

18 of Federal Direct PLUS Loans made on 

19 behalf of dependent students who are in 

20 the same program of study as the student 

21 on whose behalf the borrower borrowed the 

22 loan. 

23 ‘‘(D) For a borrower with an outstanding 

24 balance of principal or interest due on such 

25 loan— 


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1 ‘‘(i) a statement of the amount of 

2 such outstanding balance; 

3 ‘‘(ii) based on such outstanding bal4 ance, the anticipated monthly payment 

5 amount under the standard repayment 

6 plan; and 

7 ‘‘(iii) an estimate of the projected 

8 monthly payment amount under the stand9 ard repayment plan, based on— 

10 ‘‘(I) the outstanding balance de11 scribed in clause (i); 

12 ‘‘(II) the anticipated outstanding 

13 balance on the loan for which the bor14 rower is receiving counseling under 

15 this subsection; and 

16 ‘‘(III) a projection for any other 

17 Federal Direct PLUS Loan made on 

18 behalf of the dependent student that 

19 the borrower is reasonably expected to 

20 accept during the program of study of 

21 such student based on at least the ex22 pected increase in the cost of attend23 ance of such program. 


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1 ‘‘(E) Debt management strategies that are 

2 designed to facilitate the repayment of such in3 debtedness. 

4 ‘‘(F) An explanation that the borrower has 

5 the options to prepay each loan, pay each loan 

6 on a shorter schedule, and change repayment 

7 plans. 

8 ‘‘(G) For each Federal Direct PLUS Loan 

9 made on behalf of a dependent student for 

10 which the borrower is receiving counseling 

11 under this subsection, the contact information 

12 for the loan servicer of the loan and a link to 

13 such servicer’s Website. 

14 ‘‘(6) ANNUAL LOAN ACCEPTANCE.—Prior to 

15 making the first disbursement of a loan made under 

16 part D (other than a Federal Direct Consolidation 

17 Loan) to a borrower for an award year, an eligible 

18 institution, shall, as part of carrying out the coun19 seling requirements of this subsection for the loan, 

20 ensure that after receiving the applicable counseling 

21 under paragraphs (2), (4), and (5) for the loan the 

22 borrower accepts the loan for such award year by— 

23 ‘‘(A) signing the master promissory note 

24 for the loan; 


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1 ‘‘(B) signing and returning to the institu2 tion a separate written statement that affirma3 tively states that the borrower accepts the loan; 

4 or 

5 ‘‘(C) electronically signing an electronic 

6 version of the statement described in subpara7 graph (B).’’. 

8 SEC. 3. EXIT COUNSELING. 

9 Section 485(b) of the Higher Education Act of 1965 

10 (20 U.S.C. 1092(b)) is amended— 

11 (1) in paragraph (1)(A)— 

12 (A) in the matter preceding clause (i), by 

13 striking ‘‘through financial aid offices or other14 wise’’ and inserting ‘‘through the use of an 

15 interactive program, during an exit counseling 

16 session that is in-person or online, or through 

17 the use of the online counseling tool described 

18 in subsection (n)(1)(A)’’; 

19 (B) by redesignating clauses (i) through 

20 (ix) as clauses (iv) through (xii), respectively; 

21 (C) by inserting before clause (iv), as so 

22 redesignated, the following: 

23 ‘‘(i) a summary of the outstanding balance of 

24 principal and interest due on the loans made to the 

25 borrower under part B, D, or E; 


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1 ‘‘(ii) an explanation of the grace period pre2 ceding repayment and the expected date that the 

3 borrower will enter repayment; 

4 ‘‘(iii) an explanation that the borrower has the 

5 option to pay any interest that has accrued while the 

6 borrower was in school or that may accrue during 

7 the grace period preceding repayment or during an 

8 authorized period of deferment or forbearance, prior 

9 to the capitalization of the interest;’’; 

10 (D) in clause (iv), as so redesignated— 

11 (i) by striking ‘‘sample information 

12 showing the average’’ and inserting ‘‘infor13 mation, based on the borrower’s out14 standing balance described in clause (i), 

15 showing the borrower’s’’; and 

16 (ii) by striking ‘‘of each plan’’ and in17 serting ‘‘of at least the standard repay18 ment plan and the income-based repay19 ment plan under section 493C’’; 

20 (E) in clause (ix), as so redesignated— 

21 (i) by inserting ‘‘decreased credit 

22 score,’’ after ‘‘credit reports,’’; and 

23 (ii) by inserting ‘‘reduced ability to 

24 rent or purchase a home or car, potential 


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1 difficulty in securing employment,’’ after 

2 ‘‘Federal law,’’; 

3 (F) in clause (x), as so redesignated, by 

4 striking ‘‘consolidation loan under section 428C 

5 or a’’; 

6 (G) in clauses (xi) and (xii), as so redesig7 nated, by striking ‘‘and’’ at the end; and 

8 (H) by adding at the end the following: 

9 ‘‘(xiii) for each of the borrower’s loans made 

10 under part B, D, or E for which the borrower is re11 ceiving counseling under this subsection, the contact 

12 information for the loan servicer of the loan and a 

13 link to such servicer’s Website; and 

14 ‘‘(xiv) an explanation that an individual has a 

15 right to annually request a disclosure of information 

16 collected by a consumer reporting agency pursuant 

17 to section 612(a) of the Fair Credit Reporting Act 

18 (15 U.S.C. 1681j(a)).’’; 

19 (2) in paragraph (1)(B)— 

20 (A) by inserting ‘‘online or’’ before ‘‘in 

21 writing’’; and 

22 (B) by adding before the period at the end 

23 the following: ‘‘, except that in the case of an 

24 institution using the online counseling tool de25 scribed in subsection (n)(1)(A), the Secretary 


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1 shall attempt to provide such information to the 

2 student in the manner described in subsection 

3 (n)(3)(C)’’; and 

4 (3) in paragraph (2)(C), by inserting ‘‘, such as 

5 the online counseling tool described in subsection 

6 (n)(1)(A),’’ after ‘‘electronic means’’. 

7 SEC. 4. ONLINE COUNSELING TOOLS. 

8 Section 485 of the Higher Education Act of 1965 (20 

9 U.S.C. 1092) is further amended by adding at the end 

10 the following: 

11 ‘‘(n) ONLINE COUNSELING TOOLS.— 

12 ‘‘(1) IN GENERAL.—Beginning not later than 1 

13 year after the date of enactment of the Empowering 

14 Students Through Enhanced Financial Counseling 

15 Act, the Secretary shall maintain— 

16 ‘‘(A) an online counseling tool that pro17 vides the exit counseling required under sub18 section (b) and meets the applicable require19 ments of this subsection; and 

20 ‘‘(B) an online counseling tool that pro21 vides the annual counseling required under sub22 section (l) and meets the applicable require23 ments of this subsection. 

24 ‘‘(2) REQUIREMENTS OF TOOLS.—In maintain25 ing the online counseling tools described in paraVerDate Mar 15 2010 00:14 Jul 29, 2014 Jkt 039200 PO 00000 Frm 00019 Fmt 6652 Sfmt 6201 E:\BILLS\H4984.RFS H4984

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1 graph (1), the Secretary shall ensure that each such 

2 tool is— 

3 ‘‘(A) consumer tested, in consultation with 

4 other relevant Federal agencies, to ensure that 

5 the tool is effective in helping individuals under6 stand their rights and obligations with respect 

7 to borrowing a loan made under part D or re8 ceiving a Federal Pell Grant; 

9 ‘‘(B) understandable to students receiving 

10 Federal Pell Grants and borrowers of loans 

11 made under part D; and 

12 ‘‘(C) freely available to all eligible institu13 tions. 

14 ‘‘(3) RECORD OF COUNSELING COMPLETION.— 

15 The Secretary shall— 

16 ‘‘(A) use each online counseling tool de17 scribed in paragraph (1) to keep a record of 

18 which individuals have received counseling using 

19 the tool, and notify the applicable institutions 

20 of the individual’s completion of such coun21 seling; 

22 ‘‘(B) in the case of a borrower who re23 ceives annual counseling for a loan made under 

24 part D using the tool described in paragraph 

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1 rower should accept, in a manner described in 

2 section 485(l)(6), the loan for which the bor3 rower has received such counseling; and 

4 ‘‘(C) in the case of a borrower described in 

5 subsection (b)(1)(B) at an institution that uses 

6 the online counseling tool described in para7 graph (1)(A) of this subsection, the Secretary 

8 shall attempt to provide the information de9 scribed in subsection (b)(1)(A) to the borrower 

10 through such tool.’’. 

11 SEC. 5. LONGITUDINAL STUDY ON THE EFFECTIVENESS OF 

12 STUDENT LOAN COUNSELING. 

13 (a) IN GENERAL.—Not later than 1 year after the 

14 date of enactment of this Act, the Secretary of Education, 

15 acting through the Director of the Institute of Education 

16 Sciences, shall begin conducting a rigorous, longitudinal 

17 study of the impact and effectiveness of the student loan 

18 counseling— 

19 (1) provided under subsections (b), (l), and (n) 

20 of section 485 of the Higher Education Act of 1965 

21 (20 U.S.C. 1092), as amended by this Act; and 

22 (2) provided through such other means as the 

23 Secretary of Education may determine. 

24 (b) CONTENTS.— 


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1 (1) BORROWER INFORMATION.—The longitu2 dinal study carried out under subsection (a) shall in3 clude borrower information, in the aggregate and 

4 disaggregated by race, ethnicity, gender, income, and 

5 status as an individual with a disability, on— 

6 (A) student persistence; 

7 (B) degree attainment; 

8 (C) program completion; 

9 (D) successful entry into student loan re10 payment; 

11 (E) cumulative borrowing levels; and 

12 (F) such other factors as the Secretary of 

13 Education may determine. 

14 (2) EXCEPTION.—The disaggregation under 

15 paragraph (1) shall not be required in a case in 

16 which the number of borrowers in a category is in17 sufficient to yield statistically reliable information or 

18 the results would reveal personally identifiable infor19 mation about an individual borrower. 

20 (c) INTERIM REPORTS.—Not later than 18 months 

21 after the commencement of the study under subsection 

22 (a), and annually thereafter, the Secretary of Education 

23 shall evaluate the progress of the study and report any 

24 short-term findings to the appropriate committees of Con25 gress. 


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1 SEC. 6. AVAILABILITY OF FUNDS. 

2 (a) USE OF EXISTING FUNDS.—Of the amount au3 thorized to be appropriated for maintaining the Depart4 ment of Education’s Financial Awareness Counseling 

5 Tool, $2,000,000 shall be available to carry out this Act 

6 and the amendments made by this Act. 

7 (b) NO ADDITIONAL FUNDS AUTHORIZED.—No 

8 funds are authorized to be appropriated by this Act to 

9 carry out this Act or the amendments made by this Act. 

Passed the House of Representatives July 24, 2014. 

Attest: KAREN L. HAAS, 

Clerk. 


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