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119th CONGRESS
1st Session |
To require disclosure of the total amount of interest that would be paid over the life of a loan for certain Federal student loans.
Mr. Feenstra (for himself, Mrs. Hinson, and Mr. Nunn of Iowa) introduced the following bill; which was referred to the Committee on Education and Workforce
To require disclosure of the total amount of interest that would be paid over the life of a loan for certain Federal student loans.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Student Transparency for Understanding Decisions in Education Net Terms Act” or the “STUDENT Act”.
Section 455(p) of the Higher Education Act of 1965 (20 U.S.C. 1087e(p)) is amended—
(1) by striking “shall, with respect to loans” and inserting the following: “shall—
“(1) with respect to loans”;
(2) by striking “part B.” and inserting “part B; and”; and
(3) by adding at the end the following:
“(2) include in the disclosure required under section 433(a) the total amount of interest that would be paid over the life of the loan, using the standard repayment plan applicable based on the total outstanding principal of all loans of the borrower.”.