1. Short title This Act may be cited as the Know Before You Owe Federal Student Loan Act of 2023 . 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 subparagraph (G) and inserting the following: (G) An estimate of the borrower's monthly payment amount compared to the borrower's estimated monthly income after taxes, after living expenses (using Consumer Expenditure Survey data from the Bureau of Labor Statistics), after estimated health insurance costs, and after any other relevant expenses, based on— (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 of the borrower, including— (I) Federal debt; (II) to the best of the institution's knowledge, private loan debt already incurred; and (III) the estimated future debt required to complete the program of study.