H.R.1161: Student Loan Disclosure Modernization Act

Overview

The Student Loan Disclosure Modernization Act would modernize and simplify the Department of Education’s (ED) Plain Language Disclosure Form to help the loan applicant better understand the terms, conditions, and debt they are incurring. This legislation would explain legal and financial terms such as annual percentage rate (APR), or the period of repayment, in plain language to better educate applicants before they sign the loan. It also would require the Plain Language Disclosure Form to be signed every time the student took out a new loan to ensure transparency.

S. 2015 is the Senate companion bill.

Source

Related Bills

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The Student Loan Repayment Assistance Act of 2019 would allow a business-related tax credit for an employer’s payments for employees under a student loan repayment program. The credit is equal to 10% of the amount that an employer pays on behalf of any employee under a program and is refundable for certain small businesses and […]

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H.R.3027

H.R. 3027 would impose a six-year statute of limitations on lenders to enforce collection of defaulted student loan. The legislation would also prohibit “administrative offset,” or the withholding of the payment of other federal benefits to collect on a defaulted loan. Lending institutions would also be prohibited from filing actions for wage garnishment to collect […]

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Contact Your Members of Congress

Our Stance

Watching

Priority

Low

Bill Number

H.R.1161

Date Introduced

February 13, 2019

Committee

House Education and Labor Committee

Bill Status

Introduced or Prefiled

Sponsor

Rep. Emanuel Cleaver

Co Sponsors