STUDENT Act

II 118TH CONGRESS 1ST SESSION S. 469 To require disclosure of the total amount of interest that would be paid over the life of a loan for certain Federal student loans. IN THE SENATE OF THE UNITED STATES FEBRUARY 16, 2023 Ms. ERNST (for herself, Mr. GRASSLEY, Mr. JOHNSON, Ms. HASSAN, Mr. MANCHIN, and Mr. KAINE) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions A BILL To require disclosure of the total amount of interest that would be paid over the life of a loan for certain Federal student loans. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Student Transparency 4 for Understanding Decisions in Education Net Terms 5 Act’’ or the ‘‘STUDENT Act’’. 6 SEC. 2. INTEREST DISCLOSURE. 7 Section 433(a) of the Higher Education Act of 1965 8 (20 U.S.C. 1083(a)) is amended— 9 VerDate Sep 11 2014 00:31 Mar 04, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S469.IS S469 kjohnson on DSK79L0C42PROD with BILLS 2 •S 469 IS (1) by redesignating paragraphs (18) and (19) 1 as paragraphs (19) and (20), respectively; and 2 (2) by inserting after paragraph (17) the fol- 3 lowing: 4 ‘‘(18) the total amount of interest that would 5 be paid over the life of the loan based on a standard 6 10-year repayment plan;’’. 7 Æ VerDate Sep 11 2014 00:31 Mar 04, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S469.IS S469 kjohnson on DSK79L0C42PROD with BILLS