Rep. Salmon Introduces Bill to Help Ensure Responsible Student Borrowing

Statement

Rep. Matt Salmon (AZ-05) today released the following statement after introducing the Ensure Responsible Borrowing Act, a bill to ensure students are better informed to make financial decisions and only borrow what they need.

"Knowledge is power. Nowhere is that more true than in our finances, and in a time with astronomical student loan debt, we need to do all we can to empower students. Today, many college graduates are paying an average of 20% of their incomes toward their student loan debt. I'm proposing a simple change that would help student borrowers better understand what exactly they're getting themselves into.

"The Ensure Responsible Borrowing Act would enable students to get a better picture of their financial futures before authorizing future loans. It would also require annual acceptance of new loans--ensuring that no student is put on autopilot potentially amassing large amounts of unnecessary debt."

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