Student loan servicers must now show you the total interest you'll pay
S. 2764 — STUDENT Act · Filed by Joni Ernst (R-IA) · 7 cosponsors · Introduced Sep 10, 2025 · Referred to committee
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What it does
This bill requires federal student loan servicers to disclose to borrowers the total amount of interest they will pay over the life of their loan, calculated using the standard repayment plan. Currently, borrowers receive loan terms but may not see a clear upfront figure for total interest cost, making it harder to understand the true cost of borrowing.
Why we flagged it
The bill's sole operative mechanism is a disclosure requirement—it mandates that servicers provide borrowers with calculated information (total lifetime interest) that is already implicit in loan terms but not currently presented in a single, clear figure.
What the text implies
- Disclosure may prompt borrowers to explore alternative repayment plans (income-driven, accelerated payoff) not reflected in the standard-plan calculation, potentially reducing servicer revenue from extended-term loans.
- Standardized interest disclosure could facilitate comparison shopping and refinancing decisions, increasing competitive pressure on federal loan servicers.
- The requirement applies only to standard repayment; borrowers on income-driven plans will see a different total, which may create confusion or require additional disclosures.
Section numbers refer to the bill text the analysis read — linked under Primary records below.
Who it affects
Borrowers gain material transparency about the true cost of federal student loans, enabling better-informed decisions about repayment strategies and loan management. The disclosure imposes no new cost on borrowers—only a requirement that servicers provide information already calculable from loan terms.
Named in the bill
U.S. Department of Education, Federal student loan servicers, Higher Education Act of 1965, 20 U.S.C. § 455(p), 20 U.S.C. § 433(a)
Where it stands
7 cosponsors: 4 Republicans, 3 Democrats.
- Sep 10, 2025 — Introduced · Congress.gov: “Introduced in Senate”
- Sep 10, 2025 — Referred to Senate Committee on Health, Education, Labor, and Pensions · Congress.gov: “Read twice and referred to the Committee on Health, Education, Labor, and Pensions”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Money around this bill
3 lobbying clients named this bill on 4 disclosure filings across 2 quarters, Dec 2025 to Jun 2026. Those filings disclosed $3,856,396 in lobbying spend. A filing names 24 bills on average, so that figure is what each filing reported, not a share belonging to this bill.
More lobbying clients named this bill than 61% of bills with at least one filing.
Joni Ernst, the sponsor, reported $342,120 in PAC receipts in the 2026 cycle.
- Biotechnology Innovation Organization — $2,360,000 on 1 filing
- Novartis — $1,410,000 on 1 filing
- Healthcare Institute of New Jersey — $86,396 on 2 filings
Lobbying Disclosure Act filings through Jul 20, 2026. A filing shows who paid to lobby on a bill it names, not what changed.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (682 characters) on Aug 24, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 16,222 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
Money — Senate Lobbying Disclosure Act filings whose specific-issue field names this bill for quarters ending Dec 2025 to Jun 2026. A filing's amount is reported whole beside the median number of bills a filing names; it is never divided across them. PAC receipts are FEC-reported contributions to the sponsor's candidate committee in the 2026 cycle.
As of — lobbying records through Jul 20, 2026 · page rendered 2026-10-20.
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