Rep. Bonamici Statement in Support of Improved Financial Counseling for Students with College Loans

Statement

Congresswoman Suzanne Bonamici released the following statement after the Committee on Education and the Workforce passed new student loan counseling legislation.

"Every student deserves the opportunity to have a quality education, including higher education. Unfortunately, the growing cost of college often threatens that reality for far too many of our nation's students. The Empowering Students through Enhanced Financial Counseling Act ensures that new student loan borrowers aren't walking blindly into the process, but instead have a road map to help them make the best financial decisions. It puts in place annual counseling so students receiving Pell Grants or federal loans receive updated information each year on the total amount they've borrowed, how much interest has accrued, how much they're projected to borrow, and how much monthly payments will be."

"As the size of student debt grows, we need do a better job of helping borrowers understand the real cost of college. This legislation provides greater transparency to borrowing and repayment, including better information on repayment options. It's a step in the right direction, but ultimately we need to address the rapidly increasing underlying costs of college. As a member of the Education and the Workforce Committee, I'm pleased to co-sponsor and support this bipartisan bill, and committed to continuing the effort to make higher education more accessible and affordable."

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