118th Congress · SENATE BILLBILL

S. 136 — ISA Student Protection Act of 2023

“A bill to provide a consumer protection framework necessary to support the growth of accessible, affordable, and accountable financing options for postsecondary education, and for other purposes.”

Finance and financial sector

Introduced Jan 30, 2023

Last action Jan 30, 2023

Pipeline · Bill → Law

Step 1

Introduced

Jan 30, 2023

Step 2

Referred

Jan 30, 2023

Finance

Step 3

Committee

Step 4

Senate

Step 5

House floor

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill sets forth consumer protections and other requirements for educational income share agreements (ISAs). In an educational ISA, a provider credits or advances funding for a recipient's postsecondary education or other training; in turn, the recipient agrees to pay the provider a percentage of the recipient's future earnings over a set period of time. (The Department of Education currently considers educational ISAs as private education loans for the purposes of preferred lender arrangement disclosures.) Under the bill, the recipient is only obligated to pay back the provider if the recipient earns over a certain amount. The recipient's obligation to pay ends at the specified time ev...

Provisions · 27 sectionsIntroduced in Senate

4 provisions

1 provision

4 provisions

7 provisions

2 provisions

Timeline · 2 actions

Jan 30, 2023

Introduced in Senate

Jan 30, 2023

Read twice and referred to the Committee on Finance.