September 6, 2018
This week, U.S. Congressman Scott Peters (CA-52) joined his colleagues to pass the Empowering Students Through Enhanced Financial Counseling Act, legislation that ensures that students borrowing federal loans have the information they need to manage their student loan debt. Under this legislation, students would receive entrance counseling before they take out a loan, and annual counseling until the student’s graduation.
“The burden of skyrocketing student debt is crippling young people trying to embark on their careers, their families and America’s economy. More and more young adults forgo investing in their first home, or buying a car, or taking a risk on new start-ups because they are saddled with tens of thousands of dollars in student loan debt,” Peters said.
“This bill empowers students with the fiscal awareness they need to make smart choices and better manage their finances. I urge my colleagues also to consider a bipartisan Higher Education Act Reauthorization and act on other vital higher education bills that will help young people get the skills they need to fill the jobs of the future being created by the innovators of today.
“While I’m pleased with its passage, I’m deeply disappointed that the GOP majority voted down an amendment I introduced with Rep. Conor Lamb that would have required the Department of Education to specifically address loan counseling for veterans trying to use the GI benefits they earned with their service to transition into the civilian workforce. Veterans are disproportionately targeted by predatory lenders and it’s shocking to me that my Republican colleagues weren’t willing to do more to protect the men and women who bravely served this country.”