February 21, 2023

Manchin Introduces Bipartisan Student Act to Provide Greater Transparency on Student Loans

Charleston, WV – Senator Manchin (D-WV) introduced the bipartisan Student Transparency for Understanding Decisions in Education Net Terms (STUDENT) Act to provide prospective students and their families with greater transparency around borrowing student loans. The legislation would specifically allow student loan applicants to access an estimate of the total amount of interest they would pay, based on a standard 10-year repayment plan, during or prior to accepting a loan.
“Every student and their family deserve to know the full costs of taking out a loan to pay for college before they make such an important decision,” said Senator Manchin. “I’m proud to introduce the bipartisan STUDENT Act to provide greater transparency around student loan borrowing and ensure families have all of the facts necessary to learn the best way to finance a college education. I encourage my colleagues on both sides of the aisle to support this commonsense, bipartisan legislation.”
Senator Manchin was joined by Senators Joni Ernst (R-IA), Maggie Hassan (D-NH), Chuck Grassley (R-IA), Ron Johnson (R-WI) and Tim Kaine (D-VA).

The full text of the legislation can be found here.