Bill seeks to empowers student borrowers

WASHINGTON D.C. — On Dec. 13, U.S. Senators Joe Donnelly (D-IN), Ron Johnson (R-WI), and Amy Klobuchar (D-MN), introduced bipartisan legislation to help students understand the financial implications of student loans and educational debt.

The Empowering Student Borrowers Act would require colleges and universities to send a letter to students every year detailing each student’s total loan debt, projected monthly repayment amounts, and the estimated interest rate for each loan. The bill would also require the Department of Education to develop best practices for colleges and universities on useful methods to teach financial literacy skills and provide information to assist students when making financial decisions related to student borrowing.

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This bill is a good start towards trying to solve the college loan dilema. But the real culprit in all this is not the lenders but the universities who continually raise their tuition a substantial amount every year even when over inflation in the country is only 1 or 2%. Why do they do it? Because they can get away with it, Thanks to its great president, Mitch Daniels, Purdue University hasn't raised its tuition in five years. We need more Purdues.

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