|Posted:||February 2, 2018 02:18 PM|
|From:||Representative Christopher B. Quinn|
|To:||All House members|
|Subject:||Student Debt Letters|
|In the near future, I will be introducing legislation requiring institutions of higher education to send annual letters to students with information on their student loan debt, including estimates of their total debt at graduation and estimated monthly payments.
As you are well aware, there is an increasing problem with student debt in our country. It's estimated that the outstanding student loan debt is over $1.3 TRILLION.
My legislation could help students get the most out of their higher education experience while understanding their debt and also encourage them to make reasonable and responsible financial decisions.
Other states across the country have introduced similar legislation (Nebraska, Indiana, Maryland and Missouri). The Indiana law has reduced student loan borrowing, but has more importantly provided borrowers and their families much needed simpler information they can use to determine their needs.
In addition, federal legislation has been introduced by Congressman Messer of Indiana. The proposed bill, the Letter of Estimated Annual Debt for Student Act (HB 1429), would require colleges and universities that accept federal aid to send an annual "debt letter" to every student, estimating their total loan debt and future monthly payments.
I hope you will join me in co-sponsoring this legislation. Please contact my office with any questions.
Introduced as HB2124