College loan information bill passes

OLYMPIA – College students in Washington would have to be told how much it will cost to pay off their loans under a bill receiving final approval in the Senate.

The Washington Student Loan Transparency Act, which was requested by Attorney General Bob Ferguson, says state colleges and universities must tell students the cost of an education loan in both principle and interest, what their monthly payments are likely to be and inform them of state and federal resources for student borrowers.

Colleges would be required to notify students by email, in writing or in person.

The Senate sent the bill to Gov. Jay Inslee on a 49-0 vote.