STUDENT Act

I 118TH CONGRESS 1ST SESSION H. R. 1125 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 HOUSE OF REPRESENTATIVES FEBRUARY 21, 2023 Mr. FEENSTRA (for himself, Mrs. MILLER-MEEKS, and Mr. NUNN of Iowa) introduced the following bill; which was referred to the Committee on Education and the Workforce 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 01:14 Mar 11, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1125.IH H1125 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 1125 IH (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 01:14 Mar 11, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H1125.IH H1125 kjohnson on DSK79L0C42PROD with BILLS