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S. 3865: STUDENT Act


The text of the bill below is as of Mar 17, 2022 (Introduced).


II

117th CONGRESS

2d Session

S. 3865

IN THE SENATE OF THE UNITED STATES

March 17, 2022

(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;

.