For many Americans, student loans are their first introduction to debt. Students may not understand interest, graduated payment plans and forbearance. What they do understand is that they want a college education and need help paying for it.
Student loan lenders have a responsibility to provide clear information, including loan totals with interest by payment option, to student loan applicants.
For the duration of the loan payment period, servicers should be required to provide comprehensive account information, including total amount paid with a breakdown by principal and interest.
With two-thirds of graduates $23k+ in debt (whitehouse.gov), the government should hold these parties responsible for providing student borrowers all they need to make informed financial decisions.