1. Short title This Act may be cited as the Know Before You Owe Federal Student Loan Act of 2017 . 2. Pre-Loan Counseling and certification of loan amount Section 485(l) of the Higher Education Act of 1965 ( 20 U.S.C. 1092(l) ) is amended— (1) in the subsection heading, by striking Entrance Counseling and inserting Pre-Loan Counseling ; (2) in paragraph (1)(A)— (A) in the matter preceding clause (i), by striking a disbursement to a first-time borrower of a loan and inserting the first disbursement of each new loan (or the first disbursement in each award year if more than one new loan is obtained in the same award year) ; and (B) in clause (ii)(I), by striking an entrance counseling and inserting a counseling ; (3) in paragraph (2)— (A) by striking clause (i) of subparagraph (G) and inserting the following: (i) an estimate of the borrower's projected loan debt-to-income ratio upon graduation, calculated using— (I) the best available data on starting wages for the borrower’s program of study, if available; and (II) the estimated total student loan debt, including Federal debt and, to the best of the institution’s knowledge, private loan debt already incurred, and the estimated future debt required to complete the program of study; and ; and (B) by adding at the end the following: (L) A statement that the borrower should borrow the minimum amount necessary to cover expenses and that the borrower does not have to accept the full amount of loans for which the borrower is eligible. (M) A warning that the higher the borrower’s debt-to-income ratio is, the more difficulty the borrower is likely to experience in repaying the loan. (N) Options for reducing borrowing through scholarships, reduced expenses, work-study, or other work opportunities. (O) An explanation of the importance of graduating on time to avoid additional borrowing, what course load is necessary to graduate on time, and information on how adding an additional year of study impacts total indebtedness.