house Bill H.R. 1635
Should Student Loan Borrowers Undergo Annual Financial Counseling?
Argument in favor
Student loan debt presents a crushing burden for many individuals and families across the country, and part of the solution is giving borrowers more information on their financial responsibilities. By undergoing required annual counseling, student loan borrowers will make better financial decisions rather than only thinking about their obligations when they enter and exit their programs.
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09/03/2018
This is a great idea!!! To make it even better, this should start in the Junior year of High School, BEFORE students even sign up for loans. Give them the facts beforehand so they have time and the proper info before they make any college decisions.
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09/02/2018
Since schools are charging students more and more, they can easily afford to help parents and students maintain awareness of the financial burden the grows on families each year. Separetely, I'd like to see a Congressional hearing on why the cost of higher education has grown far faster each year than the cost of living and what can be done about it.
09/05/2018
At 18 years old you have no imagination of a $10 to $30 K loan is really like. Your payments are like purchasing a house. It is your loan but your parents will put their life on hold for you. You have no concept of what your parents are doing, even if they are only Co-Signers. They should be putting their money into their retirement. Both student and parent should attend yearly counseling on borrowing.
Argument opposed
Existing entrance and exit counseling for student loan borrowers is good enough, they can do additional research on things like income and employment data on their own without mandatory annual counseling. There’s no need for families with Parent PLUS loans or students receiving Pell Grants to get annual counseling.
09/03/2018
Colleges and universities should lower their tuition, tuition increases far outpace inflation. Quit adding administrative layers and building high end dorms, these institutions are there to teach not burden our graduates with unnecessarily high debt!
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09/05/2018
Only if politicians go to classes that teach how it feels to work just to pay the bills. And, when the bills are paid, you starve until the next time money comes around. And, you pray that you will have a few cents left over, to buys luxuries such as (GULP) air to breathe. But, that might require them to have a conscience 😮. So, no deal! When the lawmakers start setting an example of how to live within your means, then, maybe, they’ll have a right to preach.
This is a great idea!!! To make it even better, this should start in the Junior year of High School, BEFORE students even sign up for loans. Give them the facts beforehand so they have time and the proper info before they make any college decisions.
Congress should be required to undergo annual financial counseling.
Colleges and universities should lower their tuition, tuition increases far outpace inflation. Quit adding administrative layers and building high end dorms, these institutions are there to teach not burden our graduates with unnecessarily high debt!
Only if politicians go to classes that teach how it feels to work just to pay the bills. And, when the bills are paid, you starve until the next time money comes around. And, you pray that you will have a few cents left over, to buys luxuries such as (GULP) air to breathe. But, that might require them to have a conscience 😮. So, no deal! When the lawmakers start setting an example of how to live within your means, then, maybe, they’ll have a right to preach.
This is a piece of legislation that just simply beats around the bush and doesn’t address the actual issue which is college affordability. We need to work to reduce the cost of tuition at colleges. It doesn’t matter how much financial counseling students get. They’re still going to end up owing tens of thousands in student loans. The cost of a college education is the problem.
Since schools are charging students more and more, they can easily afford to help parents and students maintain awareness of the financial burden the grows on families each year. Separetely, I'd like to see a Congressional hearing on why the cost of higher education has grown far faster each year than the cost of living and what can be done about it.
How about instead of assuming that college students are ignorant about finances. you fix the actual problem and make college affordable, or better yet free. I knew what my loans were going to be, I knew what my repayment options were, but it was still way more expensive than it should have been and it’s getting worse every year for college students. No amount of counseling changes any of the skyrocketing costs
Do not put another burden on people repaying student loans. Provide free, voluntary financial counseling but do not require it.
At 18 years old you have no imagination of a $10 to $30 K loan is really like. Your payments are like purchasing a house. It is your loan but your parents will put their life on hold for you. You have no concept of what your parents are doing, even if they are only Co-Signers. They should be putting their money into their retirement. Both student and parent should attend yearly counseling on borrowing.
As someone currently in college, the entrance councelling i was give, taught me absolutely nothing. It was a waste of 30 minutes. doing this every year would just be a burden on the student and the parents.
This bill will not help students or their parents make better decisions, and will only complicate loan borrowing. Instead Congress should focus on collecting data on where colleges are spending student's tuition, as at many schools (especially for-profit ones) administrative support staff are a major factor driving up costs, while giving little benefit to students. Higher Education is important in an advanced society, and you need all five parts of S.T.E.A.M. from science to the arts to mathematics. Neglecting one part weakens the others. Congress should focus on why it is costing so much to provide a comprehensive education, not worrying about whether students understand how to pay for it.
Forgive students for those who have not defaulted. Details necessary. We bailed out Wall Street!!!!!
Students and parents need to be aware and well-informed on the financial decisions they are making and the responsibilities they are undertaking.
It would do better if the federal government got out of student loans.
The fact that tuition is outrageous to start with has nothing to do with the rate people have to borrow for an education
I’m in full support of the passage of This bill which would require an institution of higher education (IHE) that participates in federal student aid programs to require student borrowers to undergo financial counseling each year, rather than just entrance and exit counseling. Federal Pell Grant recipients and parent PLUS Loan borrowers would also be required to undergo annual counseling. Counseling would include comprehensive information on: terms, conditions, and responsibilities regarding a grant or loan; information on a typical student budget; the right to request an annual credit report; average income and employment data; and financial management resources.
Instead of this ineffectual requirement, personal finance education should be required beginning in elementary school. This would be transformative!
It just makes sense. I am a college student myself, at 32 years old... I struggle very much with finances and I really do think being taught early on would have been beneficial to me. As, I am today, trying to teach myself how to budget and save and I’m just now taking it serious but I don’t know what I’m doing. I would love this free r my son to have when he goes to college. Vote yes
First off, students who are American Citizens should be advised that their COUNTER PARTS, who have been declared "DREAMERS" by the LIBERAL LEFT and are here ILLEGALLY, get college tuition for FREE. Secondly, they should be required to get DEGREES that will actually lead to REAL JOBS and not be permitted to take courses that have little or no "value" in the Job Market if they are to be granted a student loan. Finally, more loans should be made available to those who wish to pursue a technical or trade career at a DISCOUNTED interest rate. Moreover, GRADES should be submitted semi annually to the "lenders" to ascertain whether the student is meeting the required GPA to continue his / her education. If the student does not meet the required GPA, then the loan should be terminated.
Yes. So many students are blindsided going in to figuring out how to pay for college. It’s sad though that this has to be introduced into legislation though. The more parenting declines the more the government has to regulate. I learned finances from my parents who sat me at the table with them to learn to budget. Then in high school we actually had classes that also taught basics of handling finances. I guess with everyone trying to figure out what gender they are these lessons have taken a back seat.....