Committee on Education and Labor - U.S. House of Representatives
A photo of Hon. George Miller, Chairman of the Education and Labor Committee

Higher Education Opportunity Act

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2007 CMF Bronze Mouse Award

Higher Education Opportunity Act of 2008

Committee Focus

College Affordability & Accessibility
Worker Safety & Health
No Child Left Behind
Employee Free Choice
Raise the Minimum Wage

The College Consumer's Bill of Rights

The Higher Education Opportunity Act would address skyrocketing college prices and remove other barriers that make it harder for qualified students to go to college. Included in the legislation are urgently-needed consumer protections for students and parents who rely on loans to help pay for college. These protections – which form a Bill of Rights for College Consumers – would help ensure that federal and private education loan programs work in the best interests of students and their families. These are the important rights you will gain as a college consumer if H.R. 4137 becomes law:

The College Consumer’s Bill of Rights 1. You Have the Right to pay off your college loans early without incurring an early-repayment charge. 2. You Have the Right to change your mind and cancel a private loan within three days of signing an agreement with a lender. 3. You Have the Right to take 30 days after you are approved for a private loan to think about whether that loan is right for you – without risking changes to the loan terms. 4. You Have the Right to take out a loan from the lender of your choice, regardless of whether that lender is on your college’s list of “preferred lenders.” 5. You Have the Right to know if you are eligible for a federal student loan before you take out a private student loan that could carry higher interest rates and fees and feature more stringent repayment requirements. 6. You Have the Right to clear and complete information from lending companies trying to earn your business. This information includes the interest rates you could pay, the estimated total cost of your loan, and your repayment options. 7. You Have the Right to clear and complete information from lending companies that have approved you for a loan or made a loan to you. This information includes your interest rate, fees and finance charges, total repayment amount, and maximum monthly payment. 8. You Have the Right to know that your student financial aid office does not accept gifts from or share revenues with lending companies. 9. You Have the Right not to be subject to deceptive marketing campaigns by lending companies. 10. You Have the Right to know that your student financial aid office and lenders offering both federal and private students loans are acting in your best interests.

Related News

11/25/2008
Chairman Miller Statement on Treasury Proposal to Boost Student Lending

6/30/2008
Chairmen Miller & Kennedy: Beginning Tomorrow, Millions of Students Will Have Access to Cheaper Interest Rates on College Loans

6/26/2008
Starting July 1, Students Could See Significant Savings on Federal College Loans, Say Democratic Lawmakers

6/25/2008
Chairman Miller Statement on FTC’s New Consumer Guide on Student Lenders’ Deceptive Marketing Practices

5/16/2008
Miller, Kennedy Call for GAO to Monitor Administration's Efforts to Ensure Continued Access to Federal Student Loans