Should we require students to attend annual counseling for their student loans?
Bill Summary
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to modify loan counseling requirements for an institution of higher education (IHE) that participates in federal student aid programs. Changes include requiring the IHE to provide annual counselling instead of entrance counseling and expanding the required recipients of such annual counseling to include federal Pell Grant recipients and parent PLUS Loan borrowers (in addition to student borrowers). Does this bill promote financial literacy in students or add an extra burden? Sponsor: Rep. Guthrie, Brett [R-KY-2]
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Opponents say
• “The main impediment to the financial aid office in their goals to provide better information, counseling and service to students and families is the federal government and their excessive, complicated, one-size-fits-all laws and regulations that rarely help anyone.” Therefore, it is uncertain that this bill will help improve financial aid literacy versus become an addition burden to busy students. - David Canaski, President of Financial Aid Experts
Proponents say
• “Students need timely and comprehensive information on facts and existing options surrounding financing their college education in order to make wise and informed decisions...[this bill] will improve the quality of counseling for student borrowers so that they have the ability to choose the best-suited financing options for them” - Congressman Brett Guthrie
- The Empowering Students Through Enhanced Financial Counseling Act (Committee Summary)
- H.R. 3179, Empowering Students Through Enhanced Financial Counseling Act (House.gov Summary)
- House hopes to tame student loan crisis with financial literacy bill (Washington Examiner)
- New bills aim to increase student understanding of financial aid, federal loans (The GW Hatchet student newspaper)
