Guthrie, Bonamici Reintroduce Bipartisan Student Financial Literacy Bill
WASHINGTON, D.C. – Congressman Brett Guthrie (KY-02), chairman of the Higher Education and Workforce Development Subcommittee, and Congresswoman Suzanne Bonamici (OR-01), Vice Ranking Member of the House Education and the Workforce Committee, today reintroduced the Empowering Students Through Enhanced Financial Counseling Act.
For students who receive federal loans, financial counseling is currently only required at the beginning and end of their academic careers. The Empowering Students Through Enhanced Financial Counseling Act would improve the timing, frequency, and content of financial counseling to ensure students have all the information they need to make responsible decisions about financing their college education.
“Our country is facing a student debt crisis,” said Guthrie. “Part of fixing the problem is ensuring that student borrowers grasp the extent of their financial obligations. By requiring students to complete annual financial counseling when they accept federal student aid, we can help them better understand which financial options to draw from first and the implications of their future debt load and repayment scenarios. I am pleased to work with Congresswoman Bonamici to reintroduce this bill to help students achieve the American dream of attending college. I look forward to thoroughly examining federal student aid programs as we work to reauthorize the Higher Education Act.”
“College should be accessible and affordable for anyone who wants a higher education,” said Bonamici. “But the growing cost of college has created challenges and too much student loan debt for too many students and families. Improved and more frequent financial counseling will help student loan borrowers anticipate the complete costs of college and make informed decisions that can reduce borrowing. I appreciate Chairman Guthrie’s leadership on this important legislation to provide students with more complete information so they can successfully manage their loans. I will continue to look for opportunities to reduce the burden of student debt as we work on the Higher Education Act.”