Student Loan Transparency for Success Act

Bill: 113-hr-5151
Sponsor: full_name: Rep. Murphy, Patrick [D-FL-18]
Introduced: 2014-07-17
Policy area: Education
Subjects: Consumer affairs

Government lending and loan guarantees

Higher education

Student aid and college costs
Latest action: action_date: 2014-07-17
text: Referred to the House Committee on Education and the Workforce.

Summaries:
action_date: 2014-07-17
action_desc: Introduced in House
text: <p>Student Loan Transparency for Success Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require institutions of higher education and loan originators, servicers, and collectors participating in the William D. Ford Federal Direct Loan program to include in the information they are required to provide Direct Loan borrowers prior to disbursement:</p> <ul> <li>the total aggregate amount of Direct Loans borrowed by the borrower;</li> <li>the estimated number of payments and total amount to be paid to repay such a loan based on a standard repayment plan; and</li> <li>the estimated average income and percentage of employment in the borrower's state for persons with a high school diploma or its equivalent, persons with some post-secondary education without completion of a degree or certificate, persons with a bachelor's degree, and persons with a post-baccalaureate degree.</li> </ul>

tv_txt: I 113th CONGRESS 2d Session H. R. 5151 IN THE HOUSE OF REPRESENTATIVES July 17, 2014 Mr. Murphy of Florida (for himself and Mr. Schock ) introduced the following bill; which was referred to the Committee on Education and the Workforce A BILL To amend the Higher Education Act of 1965 to require certain information be included in loan disclosure statements prior to disbursement, and for other purposes.

1. Short title This Act may be cited as the Student Loan Transparency for Success Act . 2. Information required in loan disclosure statements Section 455(p) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(p) ) is amended by striking shall prescribe, and all that follows and inserting the following: shall prescribe— (1) comply with each of the requirements under section 433 that apply to a lender with respect to a loan under part B; and (2) include in the disclosure for a loan required under subsection (a) of section 433— (A) the total aggregate amount borrowed by the borrower under loans under this part; (B) the estimated number of payments and total amount to be paid by the borrower to repay such loan based on a standard repayment plan; and (C) based on the most recent data available from the American Community Survey available from the Department of Commerce, the estimated average income and percentage of employment in the State of domicile of the borrower for persons with— (i) a high school diploma or equivalent; (ii) some post-secondary education without completion of a degree or certificate; (iii) a bachelor’s degree; and (iv) a post-baccalaureate degree. .