arrow_back Back to App

Simplifying Federal Student Loan Disclosures for Borrowers

This act aims to make federal student loan terms easier to understand. It introduces a new, plain language disclosure form to help students better assess the total cost of a loan and estimated monthly repayments before borrowing. This empowers citizens to make more informed financial decisions about their education.
Key points
Introduction of a new, easy-to-understand disclosure form for federal student loans.
The form will include key information like annual percentage rate, fees, and estimated monthly repayments.
Borrowers will need to acknowledge in writing that they have read the form before receiving a loan.
The goal is to increase transparency and awareness of student loan costs.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_2874
Sponsor: Rep. Cleaver, Emanuel [D-MO-5]
Process start date: 2021-04-28
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Student Loan Disclosure Modernization Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_2874.

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 2021-04-28.

What are the main provisions?

Key points include:

  • Introduction of a new, easy-to-understand disclosure form for federal student loans.
  • The form will include key information like annual percentage rate, fees, and estimated monthly repayments.
  • Borrowers will need to acknowledge in writing that they have read the form before receiving a loan.
  • The goal is to increase transparency and awareness of student loan costs.
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. Cleaver, Emanuel [D-MO-5].

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