Should Congress amend the Higher Education Act of 1965 in order to address the issue of student loan transparency?

Awaiting Vote
Bill Summary

This bill aims to improve the clarity of Federal student loan information. It would amend the Higher Education Act of 1965 to require more detailed and frequent information disclosures to be provided to borrowers. This information would include items such as the loan principal, interest rates, cumulative costs, and repayment projections. One area of focus in the bill is to provide borrowers with clear explanations regarding their repayment options, the impact of capitalizing interest, and possible savings based on earlier payments made. It would also aim to provide consumer testing to make sure the disclosed information is effective. Sponsor: Rep. Abigail Spanberger (Democrat, Virginia, District 7)
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Opponents say

At the time of research and publication, no official opponent statements were found. This does not necessarily mean that nobody opposes the bill, nor does it mean that statements won’t be made in the future.

Proponents say

•    "Virginians who attend college are making an important investment in their futures, but they’re often making an enormous financial commitment. We need to help these borrowers make informed, responsible decisions about their financial futures and the potential burdens ahead. I’m proud to join with Congressman Waltz and Congresswoman Chavez-DeRemer to introduce this bipartisan legislation to increase transparency for borrowers across the country. When we equip our next generation to succeed, we make sure our communities, our economy, and our country can succeed." Source: Rep. Abigail Spanberger (Democrat, Virginia, District 7)

•    "Making the decision to continue your educational journey should be as simple and straightforward as possible. Unfortunately, today’s confusing and complex student loan borrowing process is far from that. In order to curtail our nation’s growing student loan debt crisis, we must make the borrowing process more transparent. This bill is an important step in reforming our system and will empower students to make the best decisions for both their educational and financial futures." Source: Rep. Mike Waltz (Republican, Florida, District 6)

•    "I’m proud to help lead this bipartisan legislation, which will provide students with much-needed transparency on the true cost of their college education – including by providing regular updates on what monthly payments will look like after graduation. Failing to act means students are literally stuck paying the price.Source: Rep. Lori Chavez DeRemer (Republican, Oregon District 5)