News Column

Shea-Porter Votes for Bipartisan Bill to Enhance Student Loan Transparency

July 25, 2014



WASHINGTON, DC - On Thursday, Congresswoman Carol Shea-Porter (NH-01) voted for H.R. 4984, the Empowering Students through Enhanced Financial Counseling Act, which cleared the U.S. House by a bipartisan vote of 405-11.

"Students and families deserve comprehensive, transparent information about these loans before they sign any dotted lines," said Shea-Porter. "While this bill is a step to help students avoid unmanageable debt, we need to do more to make higher education affordable so students don't have to borrow so much in the first place."

Shea-Porter is working to lower federal student loan interest rates and enhance access to grants, as well as to reduce tuition costs. She is an original cosponsor of the Bank on Students Emergency Loan Refinancing Act, legislation that would allow students with outstanding government and private loans to refinance their loans at the lower interest rates available to new borrowers. In 2007, she secured passage of the Shea-Porter Amendment to increase the value of Pell Grants for students.

BACKGROUND

The bill provides for more comprehensive and frequent loan counseling for students and families, as well as better information on financial aid and student debt so that students can make more informed choices about how to finance their education.

The bill's key provisions strengthen entrance and exit counseling for student loan borrowers; require schools to annually update and project the total loan debt a student is expected to graduate with and what their monthly payments would look like under various repayment plans; ensure students are informed of their rights to annual free credit reports; and make clear that they are not required to accept the full amounts of loans offered.

Read this original document at: http://shea-porter.house.gov/media-center/press-releases/shea-porter-votes-for-bipartisan-bill-to-enhance-student-loan


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Source: Congressional Documents & Publications


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