Bipartisan legislation calling for clearer, universally understood language in student loan disclosures has gained support from the financial industry.
H.R. 4119, also known as the “Student Loan Disclosure Modernization Act,” would require the Department of Education to adjust the language in disclosure forms to more clearly and more concisely explain the costs and terms associated with federal student loans.
Read on to learn more about what the bill proposes to do and why the Consumer Bankers Association supports it.