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Carter Votes to Improve Financial Counseling for College Students

09/05/18

(Washington, DC) -  Congressman John Carter (TX-31) released the following statement after he voted for, and the House passed, the Empowering Students through Enhanced Financial Counseling Act.

“College is an exciting time, but it can also result in major financial struggles upon graduation for millions of students. Unfortunately, young Americans are leaving higher education saddled with unmanageable student loan debt, because the repercussions and responsibilities of student loans weren’t properly conveyed to them prior to signing on the dotted line. Currently, financial counseling for young people is often provided to students after they arrive on campus, and after they’ve signed up to receive college loans. H.R. 1625 would require annual counseling that is tailored to a borrower’s personal situation, ensuring that parents and students have the most accurate information when considering borrowing. The student loan crisis puts a major burden on young professionals trying to make it in the workforce, their families trying to make ends meet, and the taxpayers, and this legislation takes a step towards solving this growing crisis.”

Highlights of H.R. 1635:

  • Requires annual counseling to include recommendations for students to exhaust available grant, work-study, and scholarship assistance before taking out loans.
  • Provides awareness about the financial obligations students and parents are accumulating by requiring borrowers to consent each year before receiving federal student loans.
  • Requires that financial counseling clearly state that borrowers are not required to accept the full loan amount they are offered
  • Delivers students the tools and information they need to borrow and repay their student loans in a responsible way.

 

Rep. Carter represents Texas District 31, which includes Fort Hood, the largest active duty armored military installation in the free world. He serves as co-chairman of the Congressional Army Caucus and Chairman of the Military Construction and Veterans Affairs Subcommittee on Appropriations.

 

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