Published: March 2012

The Know Before You Owe Act of 2012

Senators Durbin and Harkin introduced the Know Before You Owe Act, which requires school certification for all private student loans.

Noting that two-thirds of private student loan borrowers were not aware of the dramatic difference between federal student loans and risky, higher-interest, private student loans, U.S. Senators Dick Durbin (D-IL) and Tom Harkin (D-IA) today introduced a bill that would require schools to counsel students before they sign on to expensive, even unnecessary, private student loan debt and inform them if they have any untapped federal loan eligibility.

Lead Organization

The Institute for College Access & Success

Other Organizations

American Association of Collegiate Registrars and Admissions Officers | American Association of State Colleges and Universities | American Federation of Teachers | American Medical School Association | Campus Progress Action | Consumer Action | D?mos | Education Trust | National Association for College Admission Counselors | National Association of Student Financial Aid Administrators | National Consumer Law Center | National Consumers League | National Council of La Raza | The Institute for College Access & Success | U.S. Public Interest Research Group and United States Student Association

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The Know Before You Owe Act of 2012   (Know_Before_You_Owe.pdf)