,i #aaf? ,,congress #a/ ,session ,h4 ,r4 #daic ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,augu/ #af1 #bjai,ms4 ,%alala 7= h]self1 ,mr4 ,gaetz1 ,mr4 ,/ew>t1 ,mr4 ,mc,adams1 ,ms4 ,h]r]a ,beutl]1 & ,ms4 ,spanb]g]7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,education & ,labor ,a ,,bill ,to improve ,f$]al /ud5t loan disclosures1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,/ud5t ,loan ,disclosure ,transp>5cy ,act ( #bjai4 #b4 ,requir$ disclosures be=e disbursem5t ,section #dcc7;a7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhc7;a77 is am5d$-- 7#a7 by /rik+ & at ! end ( p>agraph 7#ah72 7#b7 by /rik+ ! p]iod & ins]t+ 2 & at ! end ( p>agraph 7#ai72 & 7#c7 by add+ at ! end ! foll[+ new p>agraph3 7#bj7 a sep>ate writt5 or electronic /atem5t1 9 simple & und]/&able t]ms1 %[+-- 7,a7 = ! loan or loans be+ disburs$-- 7i7 ! pr9cipal am\nt ( ! loan1 ! /at$ int]e/ rate on ! loan1 ! numb] ( requir$ mon?ly paym5ts to be made on ! loan 7:i* %all be bas$ on a /&>d repaym5t plan or1 9 ! case ( a borr[] :o has select$ ano!r repaym5t plan1 on ! repaym5t plan select$ by ! borr[]71 & ! e/imat$ numb] ( mon?s be=e ! />t ( ! repaym5t p]iod = ! loan 7bas$ on ! expect$ date on :i* ! repaym5t p]iod is to beg9 or ! def]m5t p]iod "u #dbh;,b7d77#a7 is to end1 z applicable72 7ii7 ! e/imat$ balance to be ow$ by ! borr[] on su* loan 7includ+1 if applicable1 ! e/imat$ am\nt ( int]e/ to be capitaliz$7 z ( ! s*$ul$ date on :i* ! repaym5t p]iod is to beg9 or ! def]m5t p]iod "u #dbh;,b7d77#a7 is to end1 z applicable1 & an e/imate ( ! project$ mon?ly paym5t2 & 7iii7 an e/imate ( ! aggregate am\nt ! borr[] w pay = ! loan or loans1 includ+ ! total am\nt ( mon?ly paym5ts made ov] ! life ( ! loan plus ! am\nt ( any *>ges = ! loan1 su* z an orig9ation fee2 7,b7 = ea* o!r loan ow$ by ! borr[] to ! l5d]1 ! in=mation describ$ 9 clauses 7i7 ?r\gh 7iii7 ( subp>agraph 7,a72 & 7,c7 an e/imate ( ! total cumulative am\nt ! borr[] w pay = all loans ow$ by ! borr[] to t l5d]1 includ+ ! loan be+ disburs$1 z det]m9$ by calculat+ ! sum ( ! e/imat$ aggregate am\nts ! borr[] w pay = ea* loan 9 accordance ) subp>agraphs 7,a7 & 7,b74 4 #c4 ,disclosure ( project$ mon?ly paym5t am\nts ,section #dcc ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhc7 is fur!r am5d$-- 7#a7 9 subsection 7b71 by am5d+ p>agraph 7#i7 to read z foll[s3 7#i7 in=mation ( int]e/ *>ges1 accrual1 & paym5ts1 includ+-- 7,a7 ! project$ total ( int]e/ *>ges :i* ! borr[] w pay on ! loan or loans1 assum+ t ! borr[] makes paym5ts exactly 9 accordance ) ! repaym5t s*$ule2 7,b7 projections ( ! borr[]'s mon?ly repaym5t am\nt1 assum+ int]e/ accrual result+ f capitalization ( int]e/ :ile ! borr[]1 or ! /ud5t on ^: behalf ! loan is made1 is 9 s*ool 7z applicable71 :i* %all disclose ! co/ to ! borr[] (-- 7i7 capitaliz+ ! int]e/2 & 7ii7 pay+ ! int]e/ z ! int]e/ accrues2 & 7,c7 if ! borr[] has already paid int]e/ on ! loan or loans1 ! am\nt ( int]e/ paid2 2 & 7#b7 by /rik+ subsection 7d71 & r$esignat+ subsections 7e7 & 7f7 z subsections 7d7 & 7e71 respectively4 #d4 ,requir$ mon?ly disclosures ,section #dcc7;d7 ( ! ,high] ,education ,act ( #aife1 z s r$esignat$ by section #c ( ?is ,act1 is am5d$-- 7#a7 9 ! subsection head]1 by /rik+ dur+ repaym5t & ins]t+ = ! life ( ! loan2 & 7#b7 by am5d+ p>agraph 7#a7 to read z foll[s3 7#a7 ,p]t95t in=mation ab\t loans provid$ on a mon?ly basis ,ea* eligible l5d] %all provide ! borr[] ( "o or m loans made1 insur$1 or gu>ante$ "u ?is "p or "p ,d ) a writt5 mon?ly bill or /atem5t 7includ+ ?r\gh electronic means71 9 simple & und]/&able t]ms1 ( p]t95t loan in=mation describ$ 9 ?is p>agraph t-- 7,a7 ) respect to a borr[] :o is 9 repaym5t /atus1 %all include a bill t corresponds to ea* paym5t in/allm5t "t p]iod 9 :i* a paym5t is due2 7,b7 ) respect to a borr[] :o is n 9 repaym5t /atus1 %all be a /atem5t = ea* mon? ( ! p]iod dur+ :i* ! borr[] is n requir$ to make a paym5t to ! eligible l5d]1 includ+ :ile ! borr[] is 9 s*ool & dur+ p]iods ( def]m5t or =be>ance2 7,c7 %all be provid$ to ! borr[] ( a loan n m ?an #cj days aft] ! fir/ disbursem5t ( ! loan1 & mon?ly !reaft] = ! life ( ! loan2 & 7,d7 %all include1 = all out/&+ loans made1 insur$1 or gu>ante$ "u ?is "p or "p ,d by ! eligible l5d] to ! borr[]-- 7i7 ! orig9al pr9cipal am\nt ( ea* ( ! borr[]'s loans ow$ to t l5d]1 & ! orig9al pr9cipal am\nt ( ^? loans 9 ! aggregate2 7ii7 ! borr[]'s curr5t balance on ea* loan & on all loans 9 ! aggregate1 z ( ! "t ( ! bill or /atem5t1 z applicable2 7iii7 ! int]e/ rate on ea* loan2 7iv7 ! total am\nt ! borr[] has paid 9 int]e/ on ea* loan & on all loans 9 ! aggregate2 7v7 ! am\nt ( int]e/ t has accumulat$ on ea* loan & on all loans 9 ! aggregate s9ce ! la/ /atem5t1 & ! total int]e/ accru$ to date on ea* loan & on all loans 9 ! aggregate dur+ ! life ( ! loans2 7vi7 ! aggregate am\nt ! borr[] has paid = ea* loan & all loans 9 ! aggregate1 includ+ ! am\nt ! borr[] has paid 9 int]e/1 ! am\nt ! borr[] has paid 9 fees1 & ! am\nt ! borr[] has paid aga9/ ! pr9cipal2 7vii7 an e/imate ( ! aggregate am\nt ! borr[] w pay dur+ ! life ( ! loan = ea* loan & on all loans 9 ! aggregate1 includ+ ! total am\nt ( mon?ly paym5ts made ov] ! life ( ! loans plus ! am\nt ( any *>ges = ! loans1 su* z orig9ation fees2 7viii7 a description ( ea* fee ! borr[] has be5 *>g$ = ! mo/ rec5tly prec$+ in/allm5t "t p]iod2 7ix7 ! date by :i* ! borr[] ne$s to make a paym5t 9 ord] to avoid additional fees & ! am\nt ( su* paym5t & ! am\nt ( su* fees2 7x7 ) respect to a borr[] :o is n 9 repaym5t1 ! e/imat$ balance to be ow$ by ! borr[] on ea* loan & on all loans 9 ! aggregate1 & an e/imate ( ! project$ mon?ly paym5t on ea* loan & on all loans 9 ! aggregate1 on ! e/imat$ date ! borr[] w ent] 7or re-ent]7 repaym5t /atus2 7xi7 a rem9d] t ! borr[] has ! option to *ange repaym5t plans1 a li/ ( ! names ( ! repaym5t plans available to ! borr[]1 a l9k to ! appropriate page ( ! ,dep>tm5t's website to obta9 a m detail$ description ( ! repaym5t plans1 & directions = ! borr[] to reque/ a *ange 9 repaym5t plan2 7xii7 an explanation-- 7,i7 t ! borr[] has ! option to pay ! int]e/ t accrues on ea* loan :ile ! borr[] is a /ud5t at an in/itution ( high] education or dur+ a p]iod ( def]m5t or =be>ance1 if applicable2 & 7,,ii7 if ! borr[] does n pay su* int]e/ :ile att5d+ an in/itution or dur+ a p]iod ( def]m5t or =be>ance1 any accumulat$ int]e/ on ! loan w be capitaliz$ :5 ! loan goes into repaym5t1 result+ 9 m int]e/ be+ paid ov] ! life ( ! loan2 7xiii7 an explanation t mak+ ev5 small paym5ts ( any am\nt :ile ! borr[] is a /ud5t at an in/itution ( high] education1 or dur+ a p]iod ( def]m5t or =be>ance1 if applicable1 c help to (fset int]e/ accrual ov] ! life ( ! loan2 7xiv7 ! l5d]'s or loan s]vic]'s address1 toll-free phone numb]1 & website = paym5t & bill+ error purposes1 includ+ in=mation ab\t h[ a borr[] c make volunt>y paym5ts :5 a loan is n 9 repaym5t /atus2 & 7xv7 an explanation to borr[]s t loans made "u ?is "p ( "p ,d h significant protections = borr[]s t ar5't (f]$ by ! private m>ket1 includ+ a numb] ( income-driv5 repaym5t options1 :i* (f] flexible repaym5ts t]ms & loan =giv5ess = /ruggl+ borr[]s4 4 #e4 ,report to ,congress on consum] te/+ ,n lat] ?an #bd mon?s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all-- 7#a7 conduct consum] te/+ by obta9+ fe$back f individuals1 includ+ borr[]s & prospective borr[]s ( loans "u ! ,high] ,education ,act ( #aife1 on ! usefulness & effectiv5ess ( disclos+ mon?ly t]ms ( loans "u section #dcc ( ! ,high] ,education ,act ( #aife1 z am5d$ by ?is ,act1 to maximize borr[]s' und]/&+ ( ! t]ms & conditions ( su* loans2 & 7#b7 submit to ,congress a report on ! results ( su* consum] te/+4 #f4 ,effective date ,! am5dm5ts made by ?is ,act to ! ,high] ,education ,act ( #aife %all take effect #ahj days aft] ! date ( enactm5t ( ?is ,act4