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Accountability in Student Loan Data Act of 2022

12/30/2022, 12:04 AM

Summary of Bill HR 7727

Bill 117 hr 7727, also known as the Accountability in Student Loan Data Act of 2022, aims to improve transparency and accountability in the student loan industry. The bill requires the Department of Education to collect and publish data on student loan repayment rates, default rates, and other key metrics to help students make more informed decisions about their education financing.

Additionally, the bill requires the Department of Education to create a publicly accessible database that allows students to compare different loan options and understand the potential risks and benefits of each. This database will also include information on loan forgiveness programs and other repayment options available to borrowers.

Furthermore, the bill requires loan servicers to provide clear and accurate information to borrowers about their repayment options and rights. It also establishes penalties for loan servicers who engage in deceptive or unfair practices. Overall, the Accountability in Student Loan Data Act of 2022 aims to empower students with the information they need to make smart decisions about their education financing and hold loan servicers accountable for their actions.

Congressional Summary of HR 7727

Accountability in Student Loan Data Act of 2022

This bill revises the method for calculating a cohort default rate (the measurement of how many borrowers default on their federal student loans within a certain time period), and it establishes penalties for institutions of higher education that have a certain percentage of graduates who default on their student loans.

Read the Full Bill

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Current Status of Bill HR 7727

Bill HR 7727 is currently in the status of Bill Introduced since May 11, 2022. Bill HR 7727 was introduced during Congress 117 and was introduced to the House on May 11, 2022.  Bill HR 7727's most recent activity was Referred to the House Committee on Education and Labor. as of May 11, 2022

Bipartisan Support of Bill HR 7727

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 7727

Primary Policy Focus

Education

Alternate Title(s) of Bill HR 7727

Accountability in Student Loan Data Act of 2022
Accountability in Student Loan Data Act of 2022
To amend the Higher Education Act of 1965 to require that institutions of higher education maintain certain adjusted cohort default rates to participate in programs under title IV of such Act, and for other purposes.

Comments

Sponsors and Cosponsors of HR 7727

Katie Porter
Katie Porter
CaliforniaDemocrat

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