Protect Minority Student Borrowers Act
12/30/2022, 8:18 AMSummary of Bill HR 6053
Bill 117 HR 6053, also known as the Protect Minority Student Borrowers Act, aims to address the disparities and challenges faced by minority students when it comes to student loan borrowing. The bill was introduced in the US Congress with the goal of providing additional protections and resources for minority students who often face higher levels of student loan debt and struggle to repay their loans.The key provisions of the bill include requiring the Department of Education to collect and report data on student loan borrowing and repayment rates broken down by race and ethnicity. This data will help identify and address the specific challenges faced by minority students in accessing and repaying student loans.
Additionally, the bill seeks to improve financial literacy and counseling services for minority students to help them make informed decisions about borrowing and managing their student loans. It also includes provisions to increase oversight of for-profit colleges and universities, which often target minority students and leave them with high levels of debt and poor job prospects. Overall, the Protect Minority Student Borrowers Act aims to level the playing field for minority students when it comes to student loan borrowing and ensure that they have the support and resources needed to successfully repay their loans and achieve their educational and career goals.
Congressional Summary of HR 6053
Protect Minority Student Borrowers Act
This bill prohibits discrimination on the basis of a credit applicant's institution of higher education (IHE).
Specifically, the bill makes it unlawful for a private educational lender to discriminate against a credit applicant based on the IHE that the applicant plans to attend, currently attends, or previously attended. The Department of Justice may bring a civil action against a private educational lender for violations.
The bill also requires the Government Accountability Office to study and report on the extent to which private educational lenders discriminate against applicants who attend minority-serving IHEs.
Read the Full Bill
Current Status of Bill HR 6053
Bill HR 6053 is currently in the status of Bill Introduced since November 18, 2021. Bill HR 6053 was introduced during Congress 117 and was introduced to the House on November 18, 2021. Bill HR 6053's most recent activity was Referred to the House Committee on Financial Services. as of November 18, 2021Bipartisan Support of Bill HR 6053
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 6053
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 6053
Protect Minority Student Borrowers ActProtect Minority Student Borrowers ActTo amend the Equal Credit Opportunity Act to prohibit discrimination based on an applicant's institution of higher education, and for other purposes.Comments
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Sponsors and Cosponsors of HR 6053
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