H.R. 4193 · 116th Congress
Student Loan Disclosure Transparency Act of 2019
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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ShalalaSponsor44 cosponsors · 31 D, 13 R
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Gaetz
JH
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Herrera Beutler
BM
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McAdams
CS
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Stewart
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Spanberger
SJ
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Jackson Lee
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Norton
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Fitzpatrick
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Brownley
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King
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McGovern
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Slotkin
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Horn
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Rouda
TS
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Sewell
SB
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Brooks
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Kind
GS
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Stanton
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Cooper
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Craig
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Engel
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Kuster
MQ
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Quigley
MW
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Waltz
MD
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Diaz-Balart
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Raskin
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Rutherford
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Scott
JH
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Harder
DS
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Soto
TR
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Ryan
JC
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Crow
BJ
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Johnson
HS
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Stevens
TL
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Lieu
HC
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Cuellar
JG
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González-Colón
DC
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Crenshaw
BT
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Thompson
CA
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Axne
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Stauber
CB
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Bustos
MR
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Rose
KS
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Schrier5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill requires a lender disbursing a loan that is insured or guaranteed by the federal government to make certain disclosures.
What it does: CRS summary · Introduced in House · Aug 16, 2019
Student Loan Disclosure Transparency Act of 2019
This bill requires a lender disbursing a loan that is insured or guaranteed by the federal government to make certain disclosures.
Specifically, prior to disbursement, the lender making such loan must disclose the (1) principal amount, interest rate, and number of required monthly payments to be made on the loan; (2) estimated balance owed by the borrower; and (3) estimated aggregate amount the borrower will pay.
Prior to repayment, the lender must disclose the projected total of interest charges that the borrower will pay on the loan, as well as projections of the borrower's monthly repayment amount.
Lastly, the lender must disclose certain specified information monthly, including the (1) original principal amount of each of the borrower's loans, separately and in the aggregate; (2) current balance on each loan and on all loans in the aggregate; (3) interest rate on each loan and the total amount the borrower has paid in interest; and (4) a description of each fee the borrower has been charged for the preceding installment period.
The Department of Education must obtain feedback from individuals and report on the usefulness and effectiveness of such disclosures.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Student Loan Disclosure Transparency Act of 2019
Latest action (Aug 16, 2019): Referred to the House Committee on Education and Labor.
Policy area: Education · Origin: House · Introduced: Aug 16, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.