STUDENT Act

Bill: 117-s-3865
Sponsor: full_name: Sen. Ernst, Joni [R-IA]
Introduced: 2022-03-17
Policy area: Education
Latest action: action_date: 2022-03-17
text: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Summaries:
action_date: 2022-03-17
action_desc: Introduced in Senate
text: <p><strong>Student Transparency for Understanding Decisions in Education Net Terms Act or the STUDENT Act</strong></p> <p>This bill requires loan disclosure forms for federal student loans to include the total amount of interest that would be paid over the life of the loan based on a standard 10-year repayment plan.</p>

tv_txt: II 117th CONGRESS 2d Session S. 3865 IN THE SENATE OF THE UNITED STATES March 17, 2022 Ms. Ernst (for herself, Mr. Grassley , and Mr. Johnson ) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions A BILL To require disclosure of the total amount of interest that would be paid over the life of a loan for certain Federal student loans.

1. Short title This Act may be cited as the Student Transparency for Understanding Decisions in Education Net Terms Act or the STUDENT Act . 2. Interest disclosure Section 433(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1083(a) ) is amended— (1) by redesignating paragraphs (18) and (19) as paragraphs (19) and (20), respectively; and (2) by inserting after paragraph (17) the following: (18) the total amount of interest that would be paid over the life of the loan based on a standard 10-year repayment plan; .