Student Loan Transparency for Success Act

Student Loan Transparency for Success Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require institutions of higher education and loan originators, servicers, and collectors participating in the William D. Ford Federal Direct Loan program to include in the information they are required to provide Direct Loan borrowers prior to disbursement:

• the total aggregate amount of Direct Loans borrowed by the borrower;
• the estimated number of payments and total amount to be paid to repay such a loan based on a standard repayment plan; and
• the estimated average income and percentage of employment in the borrower's state for persons with a high school diploma or its equivalent, persons with some post-secondary education without completion of a degree or certificate, persons with a bachelor's degree, and persons with a post-baccalaureate degree.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5151 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 5151

     To amend the Higher Education Act of 1965 to require certain 
    information be included in loan disclosure statements prior to 
                 disbursement, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 17, 2014

   Mr. Murphy of Florida (for himself and Mr. Schock) introduced the 
 following bill; which was referred to the Committee on Education and 
                             the Workforce

_______________________________________________________________________

                                 A BILL


 
     To amend the Higher Education Act of 1965 to require certain 
    information be included in loan disclosure statements prior to 
                 disbursement, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Student Loan Transparency for 
Success Act''.

SEC. 2. INFORMATION REQUIRED IN LOAN DISCLOSURE STATEMENTS.

    Section 455(p) of the Higher Education Act of 1965 (20 U.S.C. 
1087e(p)) is amended by striking ``shall prescribe,'' and all that 
follows and inserting the following: ``shall prescribe--
            ``(1) comply with each of the requirements under section 
        433 that apply to a lender with respect to a loan under part B; 
        and
            ``(2) include in the disclosure for a loan required under 
        subsection (a) of section 433--
                    ``(A) the total aggregate amount borrowed by the 
                borrower under loans under this part;
                    ``(B) the estimated number of payments and total 
                amount to be paid by the borrower to repay such loan 
                based on a standard repayment plan; and
                    ``(C) based on the most recent data available from 
                the American Community Survey available from the 
                Department of Commerce, the estimated average income 
                and percentage of employment in the State of domicile 
                of the borrower for persons with--
                            ``(i) a high school diploma or equivalent;
                            ``(ii) some post-secondary education 
                        without completion of a degree or certificate;
                            ``(iii) a bachelor's degree; and
                            ``(iv) a post-baccalaureate degree.''.
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