State-Based Education Loan Awareness Act

This bill changes the rules about how colleges and lenders work together on student loans. Right now, when a college recommends or promotes a specific lender's student loans, it's called a "preferred lender arrangement," and there are special rules requiring the college to share certain information with students who borrow. This bill says that if a loan program is run through a state-based program, it would no longer count as a "preferred lender arrangement," meaning those specific disclosure requirements would not apply to those state-based loan programs.

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