Summary: To improve Federal student loan disclosures, and for other purposes.
ANGIE CRAIG’S POSITION: Representative Craig cosponsored the bill on 9/25/19.
INFORMATION RELATED TO THE BILL:
- A bipartisan group of House lawmakers introduced legislation on Thursday designed to increase transparency in student loan disclosures. The Student Loan Disclosure Transparency Act would require that student borrowers who apply for and accept federal student loans receive a separate monthly loan disclosure statement with information on projected payments, accrued interest, total cost of attendance and other personalized details. The legislation was introduced by Rep. Donna Shalala (D-Fla.) and co-sponsored by Reps. Matt Gaetz (R-Fla.), Chris Stewart (R-Utah), Ben McAdams (D-Utah), Jaime Herrera Beutler (R-Wash.) and Abigail Spanberger (D-Va.). (Source: Rep. Shalala, News Release, 8/16/19)
- If passed, the bill would make it so that students would receive separate, simple and easy-to-read monthly loan disclosure statements with information on projected payments, accrued interest and cost of attendance. Shalala said she and other backers of the proposal believe it will help lower student debts. (Source: St. George News)