WASHINGTON, D.C — U.S. Senators Joe Manchin (D-W.Va.) and Tim Scott (R-S.C.) reintroduced the bipartisan Student Loan Disclosure Modernization Act on Friday.
The purpose of the act is to increase transparency for those who are looking to acquire student loans on a federal level. The legislation would provide applicants with a clear and succinct disclosure form, empowering them to be responsible borrowers, according to a news release.
Right now, federal student loan disclosure forms are complicated, lengthy and filled with unhelpful legal jargon. But these disclosure forms are vital because they outline the costs and terms of potential loans, which is critical in order for students and families to understand what they’re borrowing. Our bipartisan bill would simplify the student loan disclosure form while also providing personalized information on the amount students and their families are borrowing, and even an estimate for how much they may owe per month after graduating. I urge my colleagues on both sides of the aisle to support this commonsense legislation that increases transparency and empowers student loan applicants to be responsible borrowers.”