"Senator Jim Banks (R-Ind.) has introduced a bill that would eliminate a “hidden tax” for federal student loan borrowers," MyWabashValley.com reports.

... "According to the National Association of Student Financial Aid Administrators, the federal government has taken in more than $6.7 billion over a five-year period from this hidden tax."

"'The Student Loan Tax Elimination Act ensures federal student loans include only the funds needed to support educational costs — eliminating a hidden tax on students and families — and provides a key step toward greater transparency and affordability,' said Melanie Storey,  President & CEO of the National Association of Student Financial Aid Administrators (NASFAA)."

NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

Publication Date: 12/18/2025