H.R.4193 - Student Loan Disclosure Transparency Act of 2019116th Congress (2019-2020) |
|Sponsor:||Rep. Shalala, Donna E. [D-FL-27] (Introduced 08/16/2019)|
|Committees:||House - Education and Labor|
|Latest Action:||House - 08/16/2019 Referred to the House Committee on Education and Labor. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.4193 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (08/16/2019)
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.