Legislative Tracker: Consumer Information & Transparency

Legislative Tracker Logo On this page, you'll find proposals to increase student and family awareness of institutional policies or provide students and borrowers with additional information. 

For consumer information proposals from the previous sessions of Congress, visit the Legislative Tracker Archive: Consumer Information & Transparency

 

Student Loan Disclosure Modernization Act

H.R. 1161 Sponsor:
Rep. Cleaver (D-MO)
Co-Sponsors:
1 (1 R; 0 D)
Introduced:
02/13/2019
NASFAA Analysis & Coverage: This bill would require Direct Loan borrowers to acknowledge in writing that they have read a Plain Language Disclosure Form before receiving any new Direct Loan. The bill would require consumer testing of the form, and directs the Department of Education (ED) to consult with the Federal Reserve Board, which has a consumer-tested two-page model disclosure form for private loans. In developing its form, ED would also be required to consult with institutions, borrowers, and other student aid stakeholders.
       

Transparency in Student Lending Act

S.234 Sponsor:
Sen. Enzi (R-WY)
Co-Sponsors:
2 (2 R; 0 D)
Introduced:
01/28/2019
H.R. 811 Sponsor:
Rep. Curtis (R-UT)
Co-Sponsors:
5 (5 R; 0 D)
Introduced:
01/28/2019
NASFAA Analysis & Coverage: This bill would require institutions and servicers of federal student loans to provide to borrowers, before the first disbursement of each loan, in addition to disclosure information already required related to loans, the annual percentage rate applicable to each loan the borrower receives must be provided.
       

Student Loan Disclosure Modernization Act

H.R. 63 Sponsor:
Rep. Banks (R-IN)
Co-Sponsors:
0 (0 R; 0 D)
Introduced:
01/03/2019
NASFAA Analysis & Coverage: This bill would require Direct Loan borrowers to acknowledge in writing that they have read a Plain Language Disclosure Form before receiving any new Direct Loan. The bill would require consumer testing of the form, and directs the Department of Education (ED) to consult with the Federal Reserve Board, which has a consumer-tested two-page model disclosure form for private loans. In developing its form, ED would also be required to consult with institutions, borrowers, and other student aid stakeholders.
       

 

Return to Legislative Tracker Overview

Publication Date: 3/22/2019


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