Bill > S2764

This bill, known as the Student Transparency for Understanding Decisions in Education Net Terms Act (STUDENT Act), aims to enhance financial transparency for federal student loan borrowers by requiring the disclosure of the total interest that would be paid over the entire life of a loan. Specifically, the bill amends Section 455(p) of the Higher Education Act of 1965 to mandate that loan disclosures must now include the total amount of interest a borrower would pay using the standard repayment plan, based on the total outstanding principal of all of their loans. This provision is designed to help students better understand the long-term financial implications of taking out student loans by providing a clear, upfront calculation of the total interest they can expect to pay over the duration of their loan repayment period. By making this information more visible and transparent, the bill seeks to empower students to make more informed decisions about their educational financing.

Health and Social Services

https://www.congress.gov/bill/119th-congress/senate-bill/2764/all-info