CA AB1178

Requires higher education institutions (except California Community Colleges) to send individualized letters to students about their education loans, beginning with the 2018-19 award year.

Letters must include estimates of total cumulative principal, potential total payoff amounts, and monthly repayment amounts based on a 10-year repayment plan under current federal loan interest rates.

Letters must contain a disclaimer that estimates are general in nature, based only on known loan amounts, may not include all student debt, and that federal borrowers may have repayment plans extending beyond 10 years.

Letters must provide contact information for the institution's financial aid office or advisers and, if estimates cannot be provided, direct students to the National Student Loan Data System with a website link.

Institutions are not liable for representations made in the loan estimates provided to students.