HR 1371 · 118th Congress 2023–2025, ended

Student Loan Disclosure Transparency Act of 2023

Introduced Mar 3, 2023 Originated House Sponsor Abigail Davis Spanberger D-VA

Fact sheet

Latest action · Mar 3, 2023 Referred to the House Committee on Education and the Workforce.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedMar 3, 2023
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Student Loan Disclosure Transparency Act of 2023

This bill requires lenders disbursing federal student loans to disclose additional information to borrowers and increase the frequency of such disclosures.

Specifically, prior to disbursement, the lender making a loan must disclose (1) the principal amount, interest rate, and number of required monthly payments to be made on the loan; (2) the estimated balance owed by the borrower; and (3) the estimated aggregate amount the borrower will pay.

Prior to repayment, the lender must disclose the projected total of interest charges that the borrower will pay on the loan, as well as projections of the borrower's monthly repayment amount.

The bill also requires certain disclosures for the life of the loan. In particular, lenders must disclose information about loans on a monthly, rather than periodic, basis. Lenders must also provide borrowers who are not in a repayment status (e.g., a borrower who is in school or in a deferment period) with a monthly statement.

The Department of Education must obtain feedback from borrowers and report on the usefulness and effectiveness of such disclosures.

Cosponsors 22

Members who signed on, in the order they did. Signatures ran from Mar 3, 2023 to Jun 7, 2024, with 5 there on the day it was introduced.

SeatCosponsorSigned on
R-OHBill JohnsonOriginalMar 3, 2023
D-AZGreg StantonOriginalMar 3, 2023
D-WAKim SchrierOriginalMar 3, 2023
R-ORLori Chavez-DeRemerOriginalMar 3, 2023
R-FLMichael WaltzOriginalMar 3, 2023
R-PRJenniffer González-ColónApr 3, 2023
R-FLJohn H. RutherfordApr 3, 2023
R-PALloyd SmuckerMay 2, 2023
D-MNAngie CraigJun 16, 2023
D-DCEleanor Holmes NortonJun 16, 2023
R-MIJohn JamesJun 16, 2023
R-FLMario Diaz-BalartJun 16, 2023
D-MIElissa SlotkinJun 22, 2023
D-NJJosh GottheimerJun 27, 2023
R-IAZachary NunnAug 11, 2023
Show all 22 cosponsors

Actions 2

Everything that happened, newest first.

  1. Mar 3, 2023Introduced in House
  2. Mar 3, 2023Referred to the House Committee on Education and the Workforce.

Subjects

Assigned by the Library of Congress. Policy area: Education.

Text 1

Each version as it was printed, newest first.

  1. Mar 3, 2023Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.