S. 4097 · 119th Congress
State-Based Education Loan Awareness Act
- Stage
- Reported from committee
- Sponsor
- Lisa Murkowski
- Introduced
- 2026-03-16
- Latest action
- 2026-08-04 · Committee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report.
Summary
State-Based Education Loan Awareness Act
This bill excludes certain arrangements or agreements regarding education loans from the definition of a preferred lender arrangement.
A preferred lender arrangement is an arrangement or agreement between a lender and an institution of higher education (IHE) that receives federal funding or assistance (1) under which a lender issues education loans to students attending the IHE; and (2) that relates to the IHE recommending, promoting, or endorsing the education loan products of the lender.
The bill provides that arrangements or agreements made under a state-based education loan program do not meet the definition of a preferred lender agreement for purposes of certain required disclosures to student borrowers.