Kaine & Colleagues Introduce Bipartisan STUDENT Act to Provide Greater Transparency on Student Loans
WASHINGTON, D.C. – U.S. Senator Tim Kaine, a member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, joined Senators Maggie Hassan (D-NH), Joni Ernst (R-IA), Joe Manchin (D-WV), Chuck Grassley (R-IA), and Ron Johnson (R-WI) in introducing the bipartisan Student Transparency for Understanding Decisions in Education Net Terms (STUDENT) Act to provide prospective students and their families with greater transparency around borrowing federal student loans. The legislation would specifically allow student loan applicants to access an estimate of the total amount of interest they would pay, based on a standard 10-year repayment plan, during or prior to accepting a loan.
“The lack of transparency in the student loan process has meant too many Virginians are saddled with surprise debt,” said Senator Kaine. “Prospective students and their families should know the true cost of a loan before deciding to borrow, and I’m glad to cosponsor this bill to provide more students with the resources they need to make the best decision for their futures. I’ll continue to work with my colleagues to find solutions to reduce the burden of student loan debt and lower the cost of higher education.”
Full text of the legislation can be found here.