For those seeking legislative and regulatory support for loan servicing transparency you may want to send support to Senator Mike Enzi (R-Wyo.) and Representative John Curtis (R-Utah) who are introducing legislation (Transparency in Student Lending Act) that would require the disclosure on the total cost of federal student loans in the form of an annual percentage rate (APR).
The Transparency in Student Lending Act will empower federal student loan borrowers with the information necessary to make informed decisions about higher education financing. Clear disclosure can help borrowers compare federal and private student loans on equal terms. Currently, federal loans do not factor in origination fees, which can range between 1.1 to 4.26 percent in interest rate disclosures.