115 HR 1283 IH: Transparency in Student Lending Act U.S. House of Representatives 2017-03-01 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I115th CONGRESS1st SessionH. R. 1283IN THE HOUSE OF REPRESENTATIVESMarch 1, 2017Mr. Hultgren (for himself, Mr. David Scott of Georgia, and Mr. Messer) introduced the following bill; which was referred to the Committee on Education and the WorkforceA BILLTo amend the Higher Education Act of 1965 to require the disclosure of the annual percentage rates applicable to Federal student loans.

1.

Short title

This Act may be cited as the Transparency in Student Lending Act.

2.

Required disclosures

Section 455(p) of the Higher Education Act of 1965 (20 U.S.C. 1087e(p)) is amended— (1)by striking Each institution and inserting the following: (1)

In general

Each institution; and (2)by adding at the end the following: (2)

Disclosure of apr at time of application

In addition to the disclosures required under paragraph (1), each institution and contractor described in such paragraph shall disclose to a borrower before disbursement of a loan made under this part, in writing and in a form the borrower may keep, the annual percentage rate applicable to the loan, taking into account— (A)the amount of the loan; (B)the stated interest rate of the loan; (C)the standard term for a loan of the same type; (D)any fees or additional costs associated with the loan; and (E)any capitalization of interest on the loan..