Bill
HF 703
Summary of HF 703: Student Loan Information Bill Main Purpose and IntentHF 703 is a bill that aims to increase transparency and provide more information to Iowans about state and f
HF 703 is a bill that aims to increase transparency and provide more information to Iowans about state and federal student loan programs. The bill's primary goal is to help students and borrowers make more informed decisions about their educational financing options.
The key provisions of HF 703 include:
Loan Information Website: The bill requires the Iowa College Student Aid Commission to create and maintain a comprehensive, user-friendly website providing detailed information on all state and federal student loan programs available to Iowans.
Mandatory Counseling: The bill mandates that all borrowers receiving a new state or federal student loan must complete an online counseling session covering the terms, conditions, and repayment requirements of their loan.
Loan Repayment Assistance: The bill establishes a new state-funded student loan repayment assistance program to help recent graduates struggling with high debt burdens. Eligible borrowers could receive up to $3,000 per year towards their loan payments.
Reporting Requirements: The bill requires the Commission to annually report to the legislature on trends in student borrowing, default rates, and the effectiveness of the information website and counseling program.
The main groups that would be impacted by HF 703 include:
HF 703 was introduced in the Iowa House of Representatives on February 28, 2025 and has been recommended for passage by a House subcommittee. If enacted, the bill's provisions would go into effect starting in the 2026-2027 academic year to allow time for the Commission to develop the required resources and programs.
Compiled from official sources — confirm details with the bill’s official record.
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