S. 1970 — Informed Student Borrowing Act of 2023

This bill revises and expands loan counseling for borrowers of federal student loans. Specifically, the bill requires an institution of higher education (IHE) that participates in federal student aid programs to provide loan counseling to a student borrower of a federal student loan at the first disbursement of a loan in each award year. Currently, an IHE must provide one-time entrance counseling to a student who is a first-time federal student loan borrower. The bill also revises and expands required elements of loan counseling. For example, required elements of loan counseling must include (1) an explanation that the borrower must affirmatively determine and manually enter the federal lo...