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Transparency in Student Lending Act
To amend the Higher Education Act of 1965 to require the disclosure of the annual percentage rates applicable to Federal student loans.
Summary
- Requires institutions and contractors to disclose the annual percentage rate applicable to Federal student loans to borrowers before the loan is disbursed.
- Mandates that APR disclosures be provided to borrowers in writing in a form they may keep and retain.
- Requires the APR disclosure to account for the loan amount, stated interest rate, standard loan term, fees or additional costs, and interest capitalization.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
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![Sen. Barrasso, John [R-WY]](https://media.civicgate.org/people/d/politicians/B001261.thumb.jpg)
Sen. Barrasso, John (R-WY)
1 cosponsor
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![Sen. Lummis, Cynthia M. [R-WY]](https://media.civicgate.org/people/d/politicians/L000571.thumb.jpg)
Sen. Lummis, Cynthia M. (R-WY)
Actions (3)
- Sep 17, 2024 Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held. With printed Hearing: S.Hrg. 118-744. · senate
- Jul 11, 2024 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. · senate
- Jul 11, 2024 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Committee action
What happened to this bill in committee — the meetings where it was considered and every recorded vote taken on it.
Meetings where this bill was on the agenda
Full text
IN THE SENATE OF THE UNITED STATES
July 11 (legislative day, July 10), 2024
Mr. Barrasso (for himself and Ms. Lummis) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions
A BILL
To amend the Higher Education Act of 1965 to require the disclosure of the annual percentage rates applicable to Federal student loans.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Transparency in Student Lending Act”.
SEC. 2. REQUIRED DISCLOSURES.
Section 455(p) of the Higher Education Act of 1965 (20 U.S.C. 1087e(p)) is amended—
(1) by striking “Each institution” and inserting the following:
“(1) In general.—Each institution”; and
(2) by adding at the end the following:
“(2) Disclosure of apr prior to disbursement.—In addition to the disclosures required under paragraph (1), each institution and contractor described in such paragraph shall disclose to a borrower before disbursement of a loan made under this part, in writing and in a form the borrower may keep, the annual percentage rate applicable to the loan, taking into account—
“(A) the amount of the loan;
“(B) the stated interest rate of the loan;
“(C) the standard term for a loan of the same type;
“(D) any fees or additional costs associated with the loan; and
“(E) any capitalization of interest on the loan.”. <all>
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