|Posted:||February 10, 2017 01:44 PM|
|From:||Senator Guy Reschenthaler and Sen. David G. Argall|
|To:||All Senate members|
|Subject:||Student Debt Letters|
|During a Senate Majority Policy Committee public hearing on October 17, 2016, we heard from various organizations and institutions of higher education on the issue of student debt.
Student debt is an escalating problem in this country, with total outstanding student loan debt at approximately $1.3 trillion.
States across the country are looking at ways to balance maximizing students’ higher education experience while simultaneously encouraging reasonable and responsible financial decisions.
In the near future, we will introduce legislation requiring institutions of higher education to send letters to students annually with updated information on their debt, such as estimates of their total debt upon graduation and estimated monthly payments.
Similar legislation was recently implemented in Nebraska and Indiana. As a result of these letters, students will be able to make more informed decisions and have a more realistic idea of future earning potential and overall student loan debt burden.
We look forward to working to improve a student’s financial situation upon graduation, and we hope you will join us in co-sponsoring this legislation. Please contact my office with any questions at 717-787-5839.
Introduced as SB631