• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Tuesday, July 5, 2022
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

Iowa’s members of Congress react to Supreme Court overturning Roe v. Wade

Eighth Circuit Court lifts preliminary injunction of Iowa mask mandate ban

Ernst introduces bill to move federal agencies out of D.C.

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.

“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.

ADVERTISEMENT

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

the united states capitol building in washington
Federal Government

Iowa’s members of Congress react to Supreme Court overturning Roe v. Wade

June 25, 2022
mining excavation on a mountain
Opinion

Ernst: Securing critical minerals is essential for America’s national security

June 20, 2022
Ernst: World War II Army Ranger vets finally get the honor they deserve
Opinion

Ernst: World War II Army Ranger vets finally get the honor they deserve

June 13, 2022
Grassley, Franken win primaries in Iowa’s U.S. Senate race
Politics

Grassley, Franken win primaries in Iowa’s U.S. Senate race

June 8, 2022
Ernst: Let’s build the border wall instead of charging taxpayers to babysit materials
Opinion

Ernst: Let’s build the border wall instead of charging taxpayers to babysit materials

June 7, 2022
Ernst: Democrats’ Strange Multiverse of Madness
Opinion

Ernst: Democrats’ Strange Multiverse of Madness

May 20, 2022
Next Post

Miller-Meeks: A Lasting Memory

Iowa House passes bills increasing access to mental health

Sign-Up For Our Daily Updates

Get The Iowa Torch right in your inbox!

Please wait...

Thank you for signing up!

Recommended Articles

Feenstra to Biden: Back Off The Attacks on Rural Iowa

June 28, 2021
Miller-Meeks, Feenstra Wrap-Up Tours of Every County in Their Districts

Miller-Meeks, Feenstra Wrap-Up Tours of Every County in Their Districts

June 10, 2021
New Ad Released to Encourage People to Visit, Live, and Work in Iowa

New Ad Released to Encourage People to Visit, Live, and Work in Iowa

September 9, 2021

Popular Stories

  • Schultz: Governor Highlights Successes in Western Iowa

    Reynolds to ask Iowa Courts to reconsider recent abortion rulings

    0 shares
    Share 0 Tweet 0
  • Iowa employers say attracting a quality workforce is a top priority

    0 shares
    Share 0 Tweet 0
  • Axne attacks Nunn in first campaign ad

    0 shares
    Share 0 Tweet 0
  • Several Republican incumbent lawmakers lose primaries

    0 shares
    Share 0 Tweet 0
  • Bill Gustoff Announces Campaign for Iowa House District 40

    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

  • Education
  • Federal Government
  • Iowa History
  • Local Government
  • News
  • Opinion
  • Politics
  • State Government
  • Uncategorized
  • Uncategorized

Newsletter

Please wait...

Thank you for signing up!

© 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.