New Senate Bills Aim to Increase Student Understanding of Financial Aid, Federal Loans

"Two new proposed U.S. Senate bills aim to make it easier for students to navigate the complex financial aid process and educate students about borrowing federal money to finance a college education," according to The GW Hatchet. 

"Sen. Mark Warner, D-Va., has been writing two bills backed by bipartisan support – the first of which would establish a federal database to help students understand financial aid data, and the second would require universities to provide financial counseling to students who receive federal financial aid.

Warner said the bills would give students more information before making major financial decisions about their education and students said the proposals would make applying for financial aid easier and facilitate understanding of a complicated process.

...

Stephen Payne, the assistant director of federal relations at the National Association of Student Financial Aid Administrators, an organization that serves college financial assistance professionals, said students often begin paying back loans after graduation.

But he said that requiring annual counseling could be a 'burden' to some students who are too busy or overwhelmed to attend.

'There needs to be a wholesale look at the current consumer information and financial aid counseling environment today – before we think about what we can do to layer on those requirements – to ensure that we have a simplified streamline system for students and borrowers,' he said."

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: 11/17/2017


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