S. 4686 aims to amend the Higher Education Act of 1965 to ensure that borrowers are informed about the annual percentage rates (APR) on their federal student loans before they receive the funds. The bill requires each educational institution and its contractors to provide a...
Simple Explanation
S. 4686 wants to make sure students know exactly how much their school loans will cost them each year by telling them all the important details in writing, like interest rates and extra fees, before they get the money. This is to help students understand what they'll need to pay back in the future.