118th Congress Education
H.R. 1371: Student Loan Disclosure Transparency Act of 2023
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
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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 Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Lori Chavez-DeRemer R-OROriginal
- Bill Johnson R-OHOriginal
- Greg Stanton D-AZOriginal
- Kim Schrier D-WAOriginal
- Michael Waltz R-FLOriginal
- Jenniffer González-Colón R-PR
- John Rutherford R-FL
- Lloyd Smucker R-PA
- Angie Craig D-MN
- Mario Diaz-Balart R-FL
- John James R-MI
- Eleanor Norton D-DC
- Elissa Slotkin D-MI
- Josh Gottheimer D-NJ
- Zachary (Zach) Nunn R-IA
- Brian Fitzpatrick R-PA
- Erin Houchin R-IN
- Lizzie Fletcher D-TX
- Jared Golden D-ME
- Ann Kuster D-NH
- Julia Brownley D-CA
- Hillary Scholten D-MI
Who scored on this bill
- 1Abigail Spanberger SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Abigail Spanberger
History
- Introduced in the House by Abigail Spanberger.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Education and the Workforce.