S. 3865 — Introduced in Senate

II 117th CONGRESS 2d Session S. 3865 IN THE SENATE OF THE UNITED STATES March 17, 2022 Ms. Ernst (for herself, Mr. Grassley, and Mr. Johnson) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions A BILL To require disclosure of the total amount of interest that would be paid over the life of a loan for certain Federal student loans. 1. Short title This Act may be cited as the Student Transparency for Understanding Decisions in Education Net Terms Act or the STUDENT Act. 2. Interest disclosure Section 433(a) of the Higher Education Act of 1965 (20 U.S.C. 1083(a)) is amended— (1) by redesignating paragraphs (18) and (19) as paragraphs (19) and (20), respectively; and (2) by inserting after paragraph (17) the following: (18) the total amount of interest that would be paid over the life of the loan based on a standard 10-year repayment plan; .