24
November , 2017
Friday

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WASHINGTON, D.C. – U.S. Senators Mark Kirk (R-Ill.) and Mike Enzi (R-WY) today introduced the Transparency in Student Lending Act which will improve the information provided to students and families taking on federal education loans by requiring disclosure of the annual percentage rate (APR). The APR helps borrowers understand the true cost of a loan so they can make good financial decisions. Currently, borrowers of private student loans receive this information, but borrowers of loans issued by the Department of Education do not.

“Illinois families deserve to know what the cost of college will be. The stress of the rising costs of college shouldn’t also include hidden fees. Students and families need to have all of the necessary information when considering loan options to finance their higher education.  This bill will provide more transparency, so families will be better informed and protected,” said Senator Kirk. 

“Empowering federal student loan borrowers with the information necessary to make sound financial decisions is a commonsense proposal that should receive unanimous support,” said Richard Hunt, President and CEO of the Consumer Bankers Association (CBA).  “The total cost of a loan should never be withheld from students and their families.  We commend Senators Kirk and Enzi for introducing legislation to demand the same level of transparency from the federal government as our member banks provide in the private student loan market.”

APR is expressed as a single percentage number that represents the actual yearly costs of funds over the term of the loan and takes into account the stated interest rate of the loan and any fees or additional costs associated with the loan. Congressman Randy Hultgren (IL-14) introduced the House version of the legislation in July 2016.

“I am encouraged Illinois’ own Senator Mark Kirk has taken up this companion legislation to ensure families borrowing money for college understand their debt obligations and have the best information available,” said Congressman Hultgren. “The Department of Education is the largest consumer lender in the United States, and should be obligated to provide the most transparent and helpful information to borrowers. It makes no sense for the federal government to omit the annual percentage rate when presenting the cost of a loan to young borrowers and families, and it does them a gross disservice as they make plans for future payments. These bills are an important first step to ensuring they are able to make their payments. I urge quick action in both chambers on this legislation.”

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Welcome to CopyLine Magazine! The first issue of CopyLine Magazine was published in November, 1990, by Editor & Publisher Juanita Bratcher. CopyLine’s main focus is on the political arena – to inform our readers and analyze many of the pressing issues of the day - controversial or otherwise. Our objectives are clear – to keep you abreast of political happenings and maneuvering in the political arena, by reporting and providing provocative commentaries on various issues. For more about CopyLine Magazine, CopyLine Blog, and CopyLine Television/Video, please visit juanitabratcher.com, copylinemagazine.com, and oneononetelevision.com. Bratcher has been a News/Reporter, Author, Publisher, and Journalist for 33 years. She is the author of six books, including “Harold: The Making of a Big City Mayor” (Harold Washington), Chicago’s first African-American mayor; and “Beyond the Boardroom: Empowering a New Generation of Leaders,” about John Herman Stroger, Jr., the first African-American elected President of the Cook County Board. Bratcher is also a Poet/Songwriter, with 17 records – produced by HillTop Records of Hollywood, California. Juanita Bratcher Publisher

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