What is the official ID of this bill?
The official print number for this legislation is HR 2090.
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.
Status:
Expired
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