HB 743

Abstract

Private student loan providers; certain disclosures. Requires any provider of private education loans to disclose to any student attending an institution of higher education in the Commonwealth, prior to issuing a qualified education loan to such student, the contact information for the Office of the Qualified Education Loan Ombudsman and a summary of the student loan information applicable to private education loans that may be found on the State Council of Higher Education's website. The bill provides that any such disclosure may be made in conjunction with or incorporated into another disclosure to such student prior to issuing the qualified education loan. The bill requires the summary to be developed by the Office of the Qualified Education Loan Ombudsman in consultation with relevant stakeholders. The bill has a delayed effective date of July 1, 2021.

Private student loan providers; certain disclosures. Requires any provider of private student loans to disclose to any student attending an institution of higher education in the Commonwealth, prior to issuing a qualified education loan to such student, the contact information for the Office of the Qualified Education Loan Ombudsman and a summary of the student loan information applicable to private student loans that may be found on the State Council of Higher Education's website. The bill provides that any such disclosure may be made in conjunction with or incorporated into another disclosure to such student prior to issuing the qualified education loan. The bill requires the summary to be developed by the Office of the Qualified Education Loan Ombudsman in consultation with relevant stakeholders. The bill has a delayed effective date of July 1, 2021.

Public institutions of higher education; privatestudent loan information; advising. Requires any provider ofprivate student loans to provide student loan advising information to a student prior to issuing a loan to any student in the Commonwealth.The information shall be developed by the State Council of HigherEducation for Virginia and include information relevant to a studentconsidering a private student loan. The bill directs the Councilto include relevant stakeholders in the development of such information.