Student Loan Disclosure Modernization Act
This bill amends the Higher Education Act of 1965 to require the student loan disclosure forms under the Federal Family Education Loan Program to include the annual percentage rate applicable to the loan.
In addition, the bill requires the student loan disclosure forms under the William D. Form Federal Direct Loan Program to be written in plain language to enable borrowers to understand loan terms, total costs of loans, and estimated monthly repayments. Direct loans may not be issued to borrowers unless they acknowledge in writing that they have read the form.
Introduced in House
Introduced in House
Referred to the House Committee on Education and the Workforce.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line