I 
116TH CONGRESS 
1ST SESSION H. R. 4193 
To improve Federal student loan disclosures, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
AUGUST 16, 2019 
Ms. SHALALA (for herself, Mr. GAETZ, Mr. STEWART, Mr. MCADAMS, Ms. 
HERRERA BEUTLER, and Ms. SPANBERGER) introduced the following bill; 
which was referred to the Committee on Education and Labor 
A BILL 
To improve Federal student loan disclosures, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Student Loan Disclo-
sure Transparency Act of 2019’’. 
SEC. 2. REQUIRED DISCLOSURES BEFORE DISBURSEMENT. 
Section 433(a) of the Higher Education Act of 1965 
(20 U.S.C. 1083(a)) is amended— 
(1) by striking ‘‘and’’ at the end of paragraph 
(18); 
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(2) by striking the period and inserting ‘‘; and’’ 
at the end of paragraph (19); and 
(3) by adding at the end the following new 
paragraph: 
‘‘(20) a separate written or electronic state-
ment, in simple and understandable terms, show-
ing— 
‘‘(A) for the loan or loans being dis-
bursed— 
‘‘(i) the principal amount of the loan, 
the stated interest rate on the loan, the 
number of required monthly payments to 
be made on the loan (which shall be based 
on a standard repayment plan or, in the 
case of a borrower who has selected an-
other repayment plan, on the repayment 
plan selected by the borrower), and the es-
timated number of months before the start 
of the repayment period for the loan 
(based on the expected date on which the 
repayment period is to begin or the 
deferment period under 428B(d)(1) is to 
end, as applicable); 
‘‘(ii) the estimated balance to be owed 
by the borrower on such loan (including, if 
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applicable, the estimated amount of inter-
est to be capitalized) as of the scheduled 
date on which the repayment period is to 
begin or the deferment period under 
428B(d)(1) is to end, as applicable, and an 
estimate of the projected monthly payment; 
and 
‘‘(iii) an estimate of the aggregate 
amount the borrower will pay for the loan 
or loans, including the total amount of 
monthly payments made over the life of 
the loan plus the amount of any charges 
for the loan, such as an origination fee; 
‘‘(B) for each other loan owed by the bor-
rower to the lender, the information described 
in clauses (i) through (iii) of subparagraph (A); 
and 
‘‘(C) an estimate of the total cumulative 
amount the borrower will pay for all loans owed 
by the borrower to that lender, including the 
loan being disbursed, as determined by calcu-
lating the sum of the estimated aggregate 
amounts the borrower will pay for each loan in 
accordance with subparagraphs (A) and (B).’’. 
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SEC. 3. DISCLOSURE OF PROJECTED MONTHLY PAYMENT 
AMOUNTS. 
Section 433 of the Higher Education Act of 1965 (20 
U.S.C. 1083) is further amended— 
(1) in subsection (b), by amending paragraph 
(9) to read as follows: 
‘‘(9) information of interest charges, accrual, 
and payments, including— 
‘‘(A) the projected total of interest charges 
which the borrower will pay on the loan or 
loans, assuming that the borrower makes pay-
ments exactly in accordance with the repayment 
schedule; 
‘‘(B) projections of the borrower’s monthly 
repayment amount, assuming interest accrual 
resulting from capitalization of interest while 
the borrower, or the student on whose behalf 
the loan is made, is in school (as applicable), 
which shall disclose the cost to the borrower 
of— 
‘‘(i) capitalizing the interest; and 
‘‘(ii) paying the interest as the inter-
est accrues; and 
‘‘(C) if the borrower has already paid in-
terest on the loan or loans, the amount of inter-
est paid;’’; and 
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