Smarter Borrowing Act

[AI summary unavailable — showing source text] Smarter Borrowing Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require institutions of higher education (IHEs) to notify their Pell Grant recipients, at least once every two years, of the remaining period they have before becoming ineligible for the Pell Grant. Requires IHEs whose cohort default rate on federal student loans equals or exceeds 30% (the threshold percentage) to make a summary of their plan to improve student repayment rates available to their students. Requires the exit counseling that IHEs provide to student borrowers of Federal Family Education Loans (FFELs), Direct Loans (DLs), and Perkins Loans to: include personalized information reflecting each borrower's actual borrowing circumstances; include a statement that such loans must be repaid even if students are dissatisfied with their education; be provided in a simple and understandable manner that includes comprehension checks; and be conducted in person or online. Requires the entrance counseling that IHEs provide to first-time student borrowers of DLs to: (1) be provided through interactive programs that test the borrower's understanding of the terms and conditions of the lo…