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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
This bill amends the Higher Education Act to require institutions and loan contractors to disclose the annual percentage rate (APR) for Federal student loans to borrowers before loan disbursement. The disclosure must be provided in writing in a form the borrower can keep and must account for the loan amount, stated interest rate, standard repayment term, fees or additional costs, and any capitalization of interest. The requirement adds to existing disclosure obligations and aims to provide borrowers with transparent information about the actual cost of their Federal student loans.
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)
- Sen. Barrasso, John [R-WY] (R-WY)
1 cosponsor
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)
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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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