1. Short title This Act may be cited as the Informed Student Borrowing Act of 2023 . 2. Entrance counseling financial aid disclosures 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 ; (2) in paragraph (1)(A)— (A) in the matter preceding clause (i), by striking a disbursement to a first-time borrower and inserting the first disbursement to a borrower in each award year ; and (B) in the matter preceding subclause (I) of paragraph clause (ii), by striking may and inserting shall ; (3) in paragraph (2)— (A) by redesignating subparagraphs (A) through (K) as subparagraphs (B) through (L); (B) by inserting before subparagraph (B), as so redesignated, the following: (A) An explanation that the borrower will need to affirmatively determine and manually enter, in accordance with subsection (n), the Federal loan amount that the borrower will borrow (which may be equal to or less than the Federal loan amount for which the borrower is eligible) for each award year. ; (C) by striking subparagraph (G) and inserting the following: (G) Sample monthly repayment amounts, under a standard repayment plan and under the income-driven repayment plan that had the highest enrollment in the previous year for borrowers (excluding parent borrowers), based on— (i) (I) the median levels of indebtedness, as appropriate, of— (aa) undergraduate borrowers of Federal Direct Stafford Loans or Federal Unsubsidized Stafford Loans who were enrolled in the institution; (bb) graduate borrowers of Federal Direct Stafford Loans, Federal Unsubsidized Stafford Loans, or Federal Direct Plus Loans who were enrolled in the institution; and (cc) parent borrowers of Federal Direct Plus Loans made on behalf of dependent students who were enrolled at the institution; (II) the median cumulative indebtedness of borrowers of loans described in subclause (I) in the same program as the borrower at the same institution