$1.4 trillion. Americans are carrying more than $1.4 trillion in student debt. Postsecondary education comes with a lot of decisions - what to study, where to go, and how to pay.
Too often, recipients of federal student aid do not receive the critical information about loans and grants they need to make sound financial choices. This can turn into unmanageable student loan debt, creating major burdens on young professionals entering the workforce and families trying to make ends meet.
To help relieve the burden and encourage students and parents to make smart decisions about paying for postsecondary education, I supported and helped pass the Empowering Students through Enhanced Financial Counseling Act. This legislation:
- Ensures students and parents who participate in federal loan programs receive interactive counseling every year, tailored to their specific needs.
- Informs Pell Grant recipients of the terms and conditions of the program through annual counseling.
- Requires student loan recipients to consent each year before receiving federal student loans, providing awareness and clarity as they plan for the future.
By promoting financial literacy through enhanced counseling for all federal financial aid recipients, I'm fighting to ensure that student loans work
for you, not limit you and your future.