Legislative Watch

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.

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About gathard

Jim Gathard is the owner and principal of National Consulting Services, LLC a New York based consulting firm providing advisory in strategic planning, risk management, and organization management to financial services and higher education organizations Mr. Gathard has expertise and senior executive experience in private sector financial services, legislative and government relations, and higher education management. He has held senior business executive positions at JPMorgan Chase and Bank of America. Prior to his private sector experience Mr. Gathard has nearly twenty years in higher education administration as Deputy Provost/Executive Vice President, Vice President for Student Services and Compliance, Dean of Enrollment Management and Director of Student Financial Services. National Consulting Services, LLC clients include a broad spectrum of publically traded and private financial services firms and not for profit and for-profit organizations including colleges and universities. In the higher education space Mr. Gathard’s primary focus is the student segment including the student financial services, access and enrollment, institutional compliance and; financial literacy and debt management. Mr. Gathard serves on and is advisor to numerous industry and community related boards. Mr. Gathard has been a NYSFAAA member for more than 30 years.

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