– By unanimous vote, the House today passed legislation sponsored by Rep. Chris Quinn (R-Delaware) that would help college students track their student loan debt and make more informed decisions about borrowing. The vote was 190-0.
“Outstanding student loan debt in this country has reached an unprecedented $1.3 trillion,” said Quinn. “House Bill 2124
would require colleges and universities, which receive federal student loan information for their students, to send letters to those students each year, updating them on their current student loan debt level and obligation.”
Under Quinn’s bill, the letters would be mailed or emailed in advance of a student’s acceptance of additional funding and would include estimates of the student’s total debt at graduation and projected monthly payments.
“These letters would provide the information necessary to enable students and their parents to make informed decisions about college borrowing,” said Quinn. “Instead of being shocked by their student loan debt at graduation, my bill would permit students to get the most out of their higher education experience while encouraging them to make reasonable and responsible financial decisions that could limit their liability and reduce their financial burden.”
Quinn’s legislation, which would be administered through the Pennsylvania Department of Education beginning in September 2019, would also include information on loans by institutions of higher education. Similar legislation in other states has substantially reduced student borrowing and helped students and their families to make enlightened financial choices.
House Bill 2124 is now on its way to the Senate for consideration.
Representative Chris Quinn
Pennsylvania House of Representatives
Media Contact: Donna Pinkham