CS for SB 396                                    First Engrossed
    1                        A bill to be entitled                      
    2         An act relating to student loan debt; creating s.
    3         1009.45, F.S.; defining the term “student loans”;
    4         requiring postsecondary institutions to annually
    5         provide certain students with specified information
    6         regarding their student loans; providing that an
    7         institution does not incur any liability for providing
    8         such information; providing an effective date.
   10  Be It Enacted by the Legislature of the State of Florida:
   12         Section 1. Section 1009.45, Florida Statutes, is created to
   13  read:
   14         1009.45  Student loan information.—
   15         (1) As used in this section, the term “student loans” means
   16  federal loans disbursed to a student to pay for education
   17  related expenses.
   18         (2) Beginning with the 2017-2018 academic year, a
   19  postsecondary institution that disburses state financial aid
   20  shall annually provide each student receiving student loans with
   21  the following up-to-date information:
   22         (a) An estimate of:
   23         1. The student’s total amount of borrowed student loans.
   24         2. The student’s total potential loan repayment amount,
   25  including principal and interest, for the total amount of
   26  borrowed student loans.
   27         3. The student’s monthly loan repayment amounts for the
   28  total amount of borrowed student loans at the time the
   29  institution provides the student loan information required under
   30  this paragraph.
   31         (b) The percentage of the borrowing limit that the student
   32  has reached at the time the information under paragraph (a) is
   33  provided.
   34         (3) An institution does not incur liability for providing
   35  information to a student under this section.
   36         Section 2. This act shall take effect July 1, 2017.