Senators Introduce Legislation to Empower Student Borrowers

"U.S. Sens. Mark R.  Warner (D-VA), Dean Heller (R-NV), Tim Kaine (D-VA) and Cory Gardner (R-CO) introduced bipartisan legislation to help students make smarter decisions in the financing of their higher education," the Augusta Free Press reports. 

"The Empowering Students Through Enhanced Financial Counseling Act would promote financial literacy by providing students who are recipients of federal financial aid with comprehensive counseling services. Nationwide, Americans owe more than $1.45 trillion in student loan debt, outstripping credit cards and auto loans as the country’s leading source of non-housing debt.

'More than 60% of Virginia’s college students will graduate with some form of student loan debt, and average debt in the Commonwealth tops $29,000 per graduate. I would not have had the opportunity to be so successful in business had I graduated with such a financial burden,' said Sen. Warner. 'We should be empowering students to make smarter choices about their financial future. This legislation aims to provide a full picture on the loans they are receiving, allowing them to take full advantage of the opportunities available to them.'

'This legislation empowers Nevada’s students and Americans throughout the country with the tools needed to make well-informed, sound financial decisions related to their college education,' said Sen. Heller. 'It’s a positive step toward addressing student debt and preparing young students for a successful future, and I encourage my colleagues to support it.'"

NASFAA's "Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

 

Publication Date: 11/13/2017


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