STUDENT Act

This bill would require clearer cost info for federal student loans. When you take out or repay certain federal student loans, the disclosure must include the total amount of interest you would pay over the life of the loan if you use the standard repayment plan. The total is based on the full amount you owe across all your loans, so borrowers can see the long-term cost up front .

The goal is to help students and families understand the real price of borrowing and make better choices about repayment plans and budgets. It does this by adding the “total interest over the life of the loan” to the existing loan disclosure you already receive for federal loans .

• Who is affected: People with certain federal student loans; agencies or servicers that issue loan disclosures .
• What changes: Disclosures must show the total interest you’d pay using the standard repayment plan, calculated on your total outstanding principal across all loans .
• When: The bill sets this requirement but does not specify an effective date in the text provided .