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Student Loan Transparency: New Disclosures for Borrowers

This act introduces new rules for informing students about their federal loans. It will provide better understanding of repayment terms, interest costs, and total amount due, both before disbursement and monthly throughout the loan's life. The goal is to empower citizens to make informed financial decisions.
Key points
Before loan disbursement, you will receive detailed information on the principal amount, interest rate, number of payments, and estimated total amount to pay.
Monthly statements will provide updates on your current balance, accrued interest, payments made, and estimated total amount to repay.
You will receive clear explanations on how interest capitalization affects the total loan cost and the benefits of paying interest while in school or deferment.
Information on available repayment plans, including income-driven options, and how to change your plan will be provided.
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Additional Information
Print number: 117_HR_2090
Sponsor: Rep. Herrera Beutler, Jaime [R-WA-3]
Process start date: 2021-03-19
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Student Loan Disclosure Transparency Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_2090.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-19.

What are the main provisions?

Key points include:

  • Before loan disbursement, you will receive detailed information on the principal amount, interest rate, number of payments, and estimated total amount to pay.
  • Monthly statements will provide updates on your current balance, accrued interest, payments made, and estimated total amount to repay.
  • You will receive clear explanations on how interest capitalization affects the total loan cost and the benefits of paying interest while in school or deferment.
  • Information on available repayment plans, including income-driven options, and how to change your plan will be provided.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Herrera Beutler, Jaime [R-WA-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Education and Labor.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Education Economy