H.R. 1371 · 118th Congress
Student Loan Disclosure Transparency Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
SpanbergerSponsor22 cosponsors · 11 D, 11 R
R
Chavez-DeRemer
BJ
R
Johnson
GS
D
Stanton
KS
D
Schrier
MW
R
Waltz
JG
R
González-Colón
JR
R
Rutherford
LS
R
Smucker
AC
D
Craig
MD
R
Diaz-Balart
JJ
R
James
EN
D
Norton
ES
D
Slotkin
JG
D
Gottheimer
ZZ
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(Zach) Nunn
BF
R
Fitzpatrick
EH
R
Houchin
LF
D
Fletcher
JG
D
Golden
AK
D
Kuster
JB
D
Brownley
HS
D
Scholten5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill requires lenders disbursing federal student loans to disclose additional information to borrowers and increase the frequency of such disclosures.
What it does: CRS summary · Introduced in House · Mar 3, 2023
Student Loan Disclosure Transparency Act of 2023
This bill requires lenders disbursing federal student loans to disclose additional information to borrowers and increase the frequency of such disclosures.
Specifically, prior to disbursement, the lender making a loan must disclose (1) the principal amount, interest rate, and number of required monthly payments to be made on the loan; (2) the estimated balance owed by the borrower; and (3) the 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.
The bill also requires certain disclosures for the life of the loan. In particular, lenders must disclose information about loans on a monthly, rather than periodic, basis. Lenders must also provide borrowers who are not in a repayment status (e.g., a borrower who is in school or in a deferment period) with a monthly statement.
The Department of Education must obtain feedback from borrowers 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 2023
Latest action (Mar 3, 2023): Referred to the House Committee on Education and the Workforce.
Policy area: Education · Origin: House · Introduced: Mar 3, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.