Text: H.R.5838 — 114th Congress (2015-2016)All Information (Except Text)

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Introduced in House (07/14/2016)


114th CONGRESS
2d Session
H. R. 5838


To amend the Higher Education Act of 1965 to require the disclosure of the annual percentage rates applicable to Federal student loans.


IN THE HOUSE OF REPRESENTATIVES

July 14, 2016

Mr. Hultgren (for himself, Mr. Carney, Mr. Messer, and Mr. David Scott of Georgia) introduced the following bill; which was referred to the Committee on Education and the Workforce


A BILL

To amend the Higher Education Act of 1965 to require the disclosure of the annual percentage rates applicable to Federal student loans.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Transparency in Student Lending Act”.

SEC. 2. Required disclosures.

Section 455(p) of the Higher Education Act of 1965 (20 U.S.C. 1087e(p)) is amended—

(1) by striking “Each institution” and inserting the following:

“(1) IN GENERAL.—Each institution”; and

(2) by adding at the end the following:

“(2) DISCLOSURE OF APR AT TIME OF APPLICATION.—In addition to the disclosures required under paragraph (1), each institution and contractor described in such paragraph shall disclose, as part of the application material provided to a borrower of a loan made under this part, the estimated annual percentage rate applicable to the loan, taking into account—

“(A) the stated interest rate of the loan; and

“(B) any fees or additional costs associated with the loan.”.