(Washington, D.C.) -- Iowa's two U.S. Senators are introducing a bill to increase transparency about student loans.
Republican U.S. Senators Joni Ernst and Chuck Grassley are introducing the Student Act, legislation that would provide students an estimate on how much their student loans will cost with interest during or prior to accepting the loans. The estimate would be based on a 10 year repayment plan.
Currently, there is no requirement to tell students how much they'll end up having to pay back after graduation. Wisconsin Senator Ron Johnson is joining Grassley and Ernst in introducing the legislation.