The STUDENT Act requires the federal government to disclose to student loan borrowers the total amount of interest they would pay over the entire life of their loan using the standard repayment plan. This transparency measure affects millions of Americans with federal student loans by ensuring they receive clear information about the true cost of borrowing when they take out loans. The bill amends existing disclosure requirements under the Higher Education Act and does not establish new funding or implementation timelines—it simply mandates that loan servicers include interest projections in their standard loan disclosures. By showing borrowers the cumulative interest charges upfront, the legislation aims to help them make more informed decisions about their education financing options and understand the long-term financial impact of their loans.
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