State-Based Education Loan Awareness Act excludes state-based education loan programs from certain federal requirements.
The State-Based Education Loan Awareness Act amends the Higher Education Act of 1965 to exclude state-based education loan programs from certain federal requirements. These programs, provided by state agencies or nonprofit organizations, offer loans not funded or guaranteed by the federal government. The act ensures borrowers have the opportunity to exhaust federal loan eligibility before accepting private loans and be informed of federal loan benefits.
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