NBC29: Rep. Spanberger pushing to make student loan process more transparent

NBC29, ISABEL CLEARY

As the Supreme Court discusses student loan forgiveness, 7th District Representative Abigail Spanberger (D) says she is working to make the federal loan process more transparent.

The Student Loan Disclosure Transparency Act aims to help people understand how to pay back their federal student loans.

“Among the challenges that I hear from constituents is that they took out student loans when they began school, but that then they did not have any clarity kind of along the way,” Rep. Spanberger said Monday, March 6.

This proposed bill would require monthly disclosures, as well as projected monthly payments based on how much a student has borrowed.

“It’s also about greater transparency so that a student can make a choice, understanding the dollars that I’m borrowing today, what does that look like over the next 10,20,30 years?” Spanberger said.

The next steps would be for this bill to gather more co-sponsors, move it into committee markup, and to a vote.

“Typically, we’ve had a fair amount of broad, bipartisan support for issues of transparency. So, I hope that we can move this kind of common-sense reform forward,” Spanberger said.

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