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REFERENCE TITLE: public postsecondary education; loan information |
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State of Arizona House of Representatives Fifty-third Legislature Second Regular Session 2018
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HB 2345 |
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Introduced by Representatives Engel: Bolding, Bowers, Butler, Campbell, Clark, Coleman, Cook, Fernandez, Friese, Nutt, Stringer, Thorpe, Toma, Weninger
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AN ACT
amending Title 15, chapter 14, article 2, Arizona Revised Statutes, by adding section 15-1826; relating to postsecondary education.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 15, chapter 14, article 2, Arizona Revised Statutes, is amended by adding section 15-1826, to read:
15-1826. Student loan information; immunity
A. A public postsecondary educational institution that receives education loan information for a student who is enrolled in that institution shall annually provide to that student all of the following information:
1. An estimate of the total amount of education loans taken out by the student.
2. An estimate of:
(a) the potential total payoff amount of the education loans incurred or a range of the total payoff amount.
(b) The monthly repayment amount that a similarly situated borrower might incur, including principal and interest, for the amount of the student's education loans at the time the information is provided.
(c) The student's future earning potential provided by the successful completion of the student's course of study.
3. The percentage of the borrowing limit the student has reached at the time the information is provided.
b. The information provided under subsection A of this section may include a statement that the estimates and ranges provided are general in nature and not meant as a guarantee or promise of the actual projected amounts.
c. a public Postsecondary educational institution does not incur liability for any representation made pursuant to this section.