Sec. 6. Consumer testing of loan counseling and master promissory note
292 words·~1 min read·
/bill/113/s/546/is/section-6A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 3 months after the date of enactment of the Smarter Borrowing Act , the Secretary of Education shall establish a process for consumer testing the master promissory note and online entrance, exit, and interim loan counseling tools, including online tools that may be used during the counseling that is required under subsections (b), (l), and
(o)of section 485 of the Higher Education Act of 1965 ( 20 U.S.C. 1092 ). The consumer testing process described in subsection
(a)shall include— representatives of students (including low-income students, first generation college students, adult students, and prospective students); students’ families (including low-income families, families with first generation college students, and families with prospective students); institutions of higher education; postsecondary financial aid officers; and nonprofit consumer groups. The Secretary of Education shall ensure that the consumer testing described in this section lasts not longer than 6 months after the process for consumer testing has been established under subsection (a). The Secretary of Education shall use the results of the consumer testing in the final development of online entrance, exit, and interim loan counseling tools, including online tools that may be used during the counseling that is required under subsections (b), (l), and
(o)of section 485 of the Higher Education Act of 1965 ( 20 U.S.C. 1092 ), and the final development of a revised master promissory note. Not later than 3 months after the date the consumer testing concludes, the Secretary of Education shall submit to Congress a report that contains— the final online entrance, exit, and interim loan counseling tools that the Department of Education plans to implement, as described under subsection (d), and a revised master promissory note; and the results of the consumer testing conducted under this section.
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
Sec. 6
Consumer testing of loan counseling and master promissory note
Cites 1Cited by 0 across 0 sources