HARRISBURG, Pa. (WHTM) – The state House of Representatives has given unanimous approval to legislation that would help college students track their student loan debt.
House Bill 2124 would require colleges and universities that receive federal student loan information for students to send letters to those students each year, updating them on their loan debt.
The letters would be sent before a student accepts additional funding, and would include estimates of the student’s total debt at graduation and projected monthly payments.
Rep. Chris Quinn (R-Delaware) said his proposal will help students and parents make informed decisions about college borrowing.
“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 said in a statement.
Quinn said his measure would also include information on loans by institutions of higher education. He said similar legislation in other states has substantially reduced student borrowing and helped students make enlightened financial choices.
The bill is awaiting action in the Senate.