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Student Loan Transparency: Know Your Total Interest Costs

This new law aims to increase transparency for federal student loans. It will help students and their families better understand the total cost of a loan before taking it out. This will enable more informed financial decisions regarding education.
Key points
Lenders of federal student loans will be required to disclose the total amount of interest that would be paid over the life of the loan.
This interest information will be based on a standard 10-year repayment plan.
The goal is to provide a clearer picture of the true cost of student loans, aiding in financial planning and avoiding unexpected burdens.
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Expired
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Additional Information
Print number: 117_S_3865
Sponsor: Sen. Ernst, Joni [R-IA]
Process start date: 2022-03-17
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 Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_3865.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-03-17.

What are the main provisions?

Key points include:

  • Lenders of federal student loans will be required to disclose the total amount of interest that would be paid over the life of the loan.
  • This interest information will be based on a standard 10-year repayment plan.
  • The goal is to provide a clearer picture of the true cost of student loans, aiding in financial planning and avoiding unexpected burdens.
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. Ernst, Joni [R-IA].

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