HB 6245 Summary

• Establishes the "Student Loan Disclosure Act" requiring public universities and community colleges in Michigan to provide annual student loan information disclosures to enrolled students beginning September 2021.

• Institutions must disclose to each student by July 1 annually: total amount of federal and other student loans disbursed, estimated payoff amount if loans entered repayment, repayment timeline in years, and information on accessing online repayment calculators.

• Disclosures must be delivered via first-class mail, email, online portal, or other institutional communication methods used for grades.

• Institutions may include disclaimers that estimates are general in nature and not guarantees, and that information applies only to loans disbursed at that institution.

• Institutions are protected from liability for representations made under the act and may contract with student loan servicers to provide the required information on their behalf.