• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Friday, May 30, 2025
The Iowa Torch
  • Home
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion
No Result
View All Result
  • Home
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion
The Iowa Torch
The Iowa Torch
No Result
View All Result
Home Federal Government

Ernst, Grassley propose a bill mandating disclosure of total interest on student loans

College students would learn the estimated total interest they would pay on a education loan before they take it out if a law proposed by Iowa’s U.S. senators becomes law.

Mary StrokabyMary Stroka
March 21, 2022
in Federal Government
Reading Time: 2 mins read
Iowa House Committee Passes Bill Eliminating Tenure at Regent Universities

The Old Capitol located at the University of Iowa in Iowa City.
Photo Credit: Tony Webster (CC-By-2.0)

(The Center Square) – College students would learn the estimated total interest they would pay on a education loan before they take it out if a law proposed by Iowa’s U.S. senators becomes law.

RELATED POSTS

EPA issues emergency fuel waiver for E15 sales

Grassley says feds are ‘dragging feet’ on bolstering cybersecurity defense

Sarah’s Law passes House Judiciary Committee

U.S. Sen. Joni Ernst, R-Iowa, and Sen. Chuck Grassley, R-Iowa, joined Sen. Ron Johnson, R-Wisconsin, in proposing the measure to address student loan debt.

Currently, law does not require disclosing the total interest amount that a student loan applicant pays in the applicable repayment plan, leaving many students unaware of the actual amount they will have to pay over the life of a loan, a news release from Ernst’s office said.

The bill, the Student Transparency for Understanding Decisions in Education Net Terms, or STUDENT, Act, would provide student loan applicants with an estimate of the total amount of interest they would pay, based on a standard 10-year repayment plan, during or prior to taking out a loan, the release said.

“Students and their families should have a clear picture about the true costs associated with their loans so they can fully understand how they’ll impact their future,” Ernst said. “Providing them with the tools to know what the real deal is with their federal student loans is commonsense and will help them make informed decisions.”

Grassley said in the release that he frequently hears from Iowa students that they are surprised by the amount they owe and are concerned about paying back their loans.

“Our STUDENT Act, along with several other bills I’ve introduced like the Know Before You Owe Student Loan Act, would help shine a light on the true costs students and their families face before they begin borrowing money,” he said. “This transparency would also help students shop around and fully factor in the cost of college, letting the free market bring down the price of higher education. I’ll continue working with my colleagues on making higher education loans more transparent to empower our students to succeed.”

Iowa College Aid and the Iowa Student Loan Liquidity Corporation support the bill.

ADVERTISEMENT

“As college costs increase, it is even more important that students fully understand the cost associated with their loans, and the importance of borrowing as little as possible,” Iowa Student Loan Liquidity Corporation CEO Steve McCullough said in the release.

He and Iowa College Aid Executive Director Dr. Mark Wiederspan said in the release that the bill would help students make better college financing decisions.

Ernst and Grassley have also proposed the Net Price Calculator Improvement Act, The Understanding the True Cost of College Act, and The Know Before You Owe Federal Student Loan Act.

Tags: Chuck GrassleyJoni Ernststudent loan debt
ShareTweetShare
ADVERTISEMENT
Previous Post

Windschitl: The Art of Compromise

Next Post

Miller-Meeks: A Lasting Memory

Mary Stroka

Mary Stroka

Mary Stoka is a freelance writer, editor, journalist, and public relations professional who lives in Chicago, Ill.

Related Posts

Hinson: Use biofuels to bring down the cost of gas today
Federal Government

EPA issues emergency fuel waiver for E15 sales

April 19, 2024
Opinion

Feenstra: There’s no such thing as ‘canceling’ student loan debt

April 17, 2024
Grassley: Big Victories for Rural Healthcare
Federal Government

Grassley says feds are ‘dragging feet’ on bolstering cybersecurity defense

April 11, 2024
Reynolds says she will sign biofuels bill
Opinion

Ernst: Give homegrown Iowa biofuels the green light

April 10, 2024
close up photo of a wooden gavel
State Government

Iowa joins lawsuit challenging Biden’s student debt cancellation

April 4, 2024
Opinion

Ernst: Putting more farm in the Farm Bill

March 29, 2024
Next Post

Miller-Meeks: A Lasting Memory

Iowa House passes bills increasing access to mental health

Recommended Articles

Ernst Says Defense Spending Doesn’t Match Biden’s Tough Talk Toward China

Feenstra: My work to protect our country from China

February 16, 2024

School choice bill clears final hurdle for consideration by full Iowa Senate

March 2, 2022
Iowa’s New Unemployment Rate Holds Steady, Overall Rates Rise

Iowa’s New Unemployment Rate Holds Steady, Overall Rates Rise

June 4, 2021

Popular Stories

  • Rozenboom: Reflecting on the First Week of the 2021 Legislative Session

    Rozenboom: Reflecting on the First Week of the 2021 Legislative Session

    0 shares
    Share 0 Tweet 0
  • Hendrickson: John Calvin’s contribution to liberty

    0 shares
    Share 0 Tweet 0
  • Iowa Schools Now Required to Lead Students in Pledge of Allegiance

    0 shares
    Share 0 Tweet 0
  • Bousselot Announces He Will Run for the Iowa Senate

    0 shares
    Share 0 Tweet 0
  • Three LGTBQ Books with Sexually Explicit Material Pulled from Waukee School

    0 shares
    Share 0 Tweet 0
The Iowa Torch

The Iowa Torch​ is a for-profit, news organization that focuses on political news as it relates to Iowans

Categories

  • Current Events
  • Education
  • Federal Government
  • Iowa History
  • Local Government
  • News
  • Opinion
  • Politics
  • State Government

Newsletter

© 2022 The Iowa Torch, a publication of 4:15 Communications, LLC.

No Result
View All Result
  • Home
  • About Us
  • Advertise
  • Contact Us
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion

© 2022 The Iowa Torch, a publication of 4:15 Communications, LLC.