MI HB5071

Beginning in the 2018-2019 academic year, institutions of higher education must annually provide students with federal student loan information in print or electronic format.

Institutions must disclose total student loan amounts, potential total payoff amounts or ranges, and estimated monthly repayment amounts based on a standard repayment plan.

Institutions must identify resources for students to learn about student loans generally and employment prospects in their field of study.

Institutions must inform students that reported loan totals do not include grants and that grants do not require repayment.

Institutions must provide information about available student loan counseling services and are not liable for representations made under this disclosure requirement.