August 10, 2007
Senate Bill Requires Lender Disclosures
The U.S. Senate's banking committee has moved forward with legislation that would require student-loan companies to give prospective borrowers detailed information about the terms and conditions of the private loans they offer.
The bill, which was approved by a voice vote last week following minimal debate, would require lenders to provide borrowers with "clear and conspicuous" disclosures of interest rates, terms, fees, and deferral options, among other things. It would also require
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