Federal Student Loans: Mandatory Disclosure of True Annual Percentage Rate (APR).
This bill requires institutions providing federal student loans to disclose the Annual Percentage Rate (APR) to borrowers before the funds are disbursed. This ensures citizens understand the total cost of the loan, including interest, fees, and capitalization, enabling them to make better financial decisions about their education. This change enhances consumer protection in the education sector.
Key points
Mandatory disclosure of the Annual Percentage Rate (APR) for federal student loans before the loan money is released.
The APR calculation must include all costs: stated interest rate, fees, additional costs, and interest capitalization, providing a complete debt picture.
Status:
Expired
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