Bipartisan group of senators introduces bill to provide transparency for student loans

EXCLUSIVE — A bipartisan group of senators is introducing a bill to boost transparency for those taking out federal student loans.

Sens. Joni Ernst (R-IA), Chuck Grassley (R-IA), Ashley Moody (R-FL), Amy Klobuchar (D-MN), Tim Kaine (D-VA), and Maggie Hassan (D-NH) unveiled the Student Transparency for Understanding Decisions in Education Net Terms, or STUDENT, Act on Wednesday. If passed, it would provide those taking out student loans with a full estimate of the amount of interest they would owe. This estimate is based on the outstanding principal of all loans taken out by the student.