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Simplifying Student Loan Information: Clear Forms for Borrowers.

This act aims to make federal student loan terms easier to understand. It mandates the creation of plain language disclosure forms that clearly outline costs and repayment options, helping students make informed financial decisions.
Key points
Introduction of a new, easy-to-understand disclosure form for federal student loans.
The form will include key information on interest rates, fees, and estimated monthly payments.
Borrowers will need to acknowledge reading the form before receiving a loan.
The goal is to increase transparency and borrower awareness of their financial obligations.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_1464
Sponsor: Sen. Scott, Tim [R-SC]
Process start date: 2021-04-29
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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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_S_1464.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-04-29.

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 on interest rates, fees, and estimated monthly payments.
  • Borrowers will need to acknowledge reading the form before receiving a loan.
  • The goal is to increase transparency and borrower awareness of their financial obligations.
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 Sen. Scott, Tim [R-SC].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Education