Bill > HR6134

This bill, known as the "Student Transparency for Understanding Decisions in Education Net Terms Act" (or "STUDENT Act"), requires the Department of Education to modify the disclosure requirements for certain federal student loans. Specifically, the bill amends the Higher Education Act of 1965 to mandate that loan disclosures now include the total amount of interest a borrower would pay over the entire life of the loan, calculated using the standard repayment plan based on the borrower's total outstanding principal. This means that when students receive information about their federal student loans, they will now see not just the initial loan amount and interest rate, but a clear breakdown of the total interest they can expect to pay from the beginning to the end of the loan term. The goal of this bill is to provide more transparency to students, helping them better understand the long-term financial commitment of taking out a student loan by showing the full cost of borrowing beyond the principal amount.

Education

https://www.congress.gov/bill/119th-congress/house-bill/6134/all-info