Student Loan Transparency: Mandatory Disclosure of Total Lifetime Interest Costs.
This legislation increases transparency for federal student loans. It requires lenders to disclose the total amount of interest a borrower would pay over the life of the loan, based on a standard 10-year repayment plan, before the loan is finalized. This change helps citizens fully understand the long-term financial commitment of their educational debt.
Key points
Mandatory disclosure of the total interest amount paid over the life of a federal student loan.
The calculation must be based on a standard 10-year repayment schedule for clarity.
Expired
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