With an expressed goal of helping students and families make well-informed financial decisions, three House representatives have reintroduced a bipartisan bill requiring lenders to disclose at the time of application the annual percentage rate (APR) of federal student loans.
As the law currently stands, lenders must disclose the APR before a borrower signs off on a loan. The Department of Education does not provide this information to borrowers upfront.
Read on to learn more about the bill.