S 4686
Transparency in Student Lending Act
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- Passed Senate
- Passed House
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- Became Law
Bill overview
This bill, the Transparency in Student Lending Act, aims to increase transparency for students taking out federal student loans. It requires colleges and contractors to disclose the annual percentage rate (APR) of a loan to borrowers *before* the loan is disbursed. This disclosure must include details about the loan amount, interest rate, standard loan terms, fees, and potential interest capitalization. The goal is to help students better understand the true cost of their loans.
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