Schumer Proposes Bill To Clarify Loan Process
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Senator Schumer announced legislation yesterday that would require clearer disclosure of interest rates and expected payments on student loan applications.
The bill would require lenders to include a table on applications detailing the amount of the loan, the range of interest rates, and all fees. Such information is often buried in fine print causing students to take out loans whose terms they don’t fully understand, Mr. Schumer said.
“You can sit down and compare who’s charging more and who’s charging less,” Mr. Schumer said. “Once consumers can compare, rates are going to come down.”
