Empowering Students Through Enhanced Financial Counseling Act

Floor Speech

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Ms. FOXX. Mr. Chair, I thank the gentleman from Kentucky for yielding time.

Mr. Chair, the 115th Congress has been a landmark time for the Committee on Education and the Workforce. Committee members have come together to build the case for historic postsecondary education reforms.

With more than $1.4 trillion in student debt and a skills gap that has resulted in more than 6 million unfilled jobs, we have recognized that restoring the promise of postsecondary education isn't simply a good idea; it is our responsibility.

The Empowering Students Through Enhanced Financial Counseling Act recognizes that students and families are the most important players in reforming postsecondary education. Giving them all the information they need to make wise Federal financial aid decisions can put a dent in all this debt. Better financial education before a borrower signs on the dotted line will help students and protect taxpayer dollars.

Knowledge really is power, especially in how we make practical financial decisions. Student borrowers and parents, if they are trying to help, should understand and control their financial situation; their financial situation should not control them.

As chair of the Higher Education and Workforce Development Subcommittee, Representative Brett Guthrie has been a champion for commonsense reforms, and this legislation is the result of his leadership. I commend his work, as well as Representative Bonamici and her many Democrat colleagues for joining in this effort.

Mr. Chair, I urge every Member of this body to support this legislation and make sure students and families in their districts know about it.

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