Informed borrowing protects students from mounting debt
HARRISBURG – Legislation sponsored by Rep. Chris Quinn (R-Delaware) to help college students keep their student loan debt under control was voted out of the House Commerce Committee today.
“With outstanding student loan debt in this country at an unprecedented $1.3 trillion, my legislation would help students by requiring colleges and universities that receive federal student loan information for their students to send those students letters each year, updating them on their current level of student loan debt,” said Quinn. “These letters, which would be mailed or emailed, would be provided 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.
“Seeing this information in black and white each year would enable students and their parents to plan accordingly and make any changes necessary to limit their liability,” Quinn said. “Instead of being shocked by their student loan debt at graduation, my bill could permit students to get the most out of their higher education experience while encouraging them to make reasonable and responsible financial decisions. No one wants to reach graduation only to face years of unanticipated debt.”
Similar legislation in other states has substantially reduced student borrowing and helped students and their families to make informed financial choices.
House Bill 2124
, which would be administered through the Pennsylvania Department of Education, establishes a start date of September 2019, and would also include information on loans by institutions of higher education.
Quinn’s bill is now on its way to the full House for consideration.
Representative Chris Quinn
Pennsylvania House of Representatives
Media Contact: Donna Pinkham