STUDENT Act
This bill requires student loan lenders to disclose the total interest cost over a standard 10-year repayment plan to borrowers. It amends the Higher Education Act by adding a new requirement (paragraph (18)) for lenders to clearly state this total interest amount. The policy directly affects borrowers of federal student loans by providing upfront transparency about the full cost of repayment. The change is a disclosure requirement only, not altering loan terms or interest rates.
Bill status
in committee
1 of 4 stages cleared
Introduction
Feb 2023
Committee Review
Floor Vote
President
Introduced Feb 16, 2023
Last action Feb 16, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Feb 16, 2023
Committee
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
upper
Feb 16, 2023
Introduced
Introduced in Senate
upper
1 primary · 6 co-sponsors
Sponsors
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