Improved Counseling and Transparency for Student Loans
New regulations aim to better inform students about their loan obligations. They increase transparency of loan terms and help in making informed financial decisions, potentially preventing excessive debt.
Key points
Mandatory pre-loan counseling for each new student loan, including estimated payments relative to future income.
Students must manually confirm the exact loan amount they wish to borrow, rather than automatically accepting the full available amount.
Quarterly statements for borrowers, even when not repaying, detailing balance, interest, and repayment options.
Expired
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