US HB4193 | 2019-2020 | 116th Congress

Status

Spectrum: Slight Partisan Bill (Democrat 32-13)
Status: Introduced on August 16 2019 - 25% progression
Action: 2019-08-16 - Referred to the House Committee on Education and Labor.
Pending: House Education and Labor Committee
Text: Latest bill text (Introduced) [PDF]

Summary

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.

Tracking Information

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Title

Student Loan Disclosure Transparency Act of 2019

Sponsors


History

DateChamberAction
2019-08-16HouseReferred to the House Committee on Education and Labor.
2019-08-16HouseIntroduced in House

Subjects


US Congress State Sources


Bill Comments

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