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Washington, DC– Congressman Brett Guthrie today introduced H.R. 4984, which is a key element of efforts to reauthorize the Higher Education Act (HEA).

“The growing cost of higher education has forced many students and families to rely on borrowing money to achieve their dreams,” said Congressman Guthrie. “Unfortunately, this isn’t an easy process and frequently students are borrowing far more than they actually need, and doing so without a vivid picture of what that means for their future.  It is imperative that students are armed with the knowledge to properly make these financial decisions.”

H.R. 4984 will reform the current guidelines to require annual counseling for student borrowers.  Through this, students will better understand the amount of money they need to borrow, which financial options to draw from first, the implication of their future debt load, repayment scenarios, and other valuable information.

“By receiving financial aid counseling prior to accepting their aid package and ensuring annual reassessment of their aid, students will have a more complete picture of their financial situation and make more sound financial decisions.  With more knowledge, students will be better equipped to make the financial decisions associated with higher education,” said Congressman Guthrie.

The House Committee on Education & the Workforce recently outlined the principles that will guide the HEA reauthorization – empowering students and families to make informed decisions; simplifying and improving student aid; promoting innovation, access and completion; and ensuring strong accountability and a limited federal role.

“I’m proud to be a part of this effort and to sponsor this important piece of the higher education puzzle.  With two kids in college and one in high school, I understand how complicated this process is for students and parents.  Arming students with a better grasp of the federal loan process and empowering them to make decisions about their financial future is an important part in that effort,” added Congressman Guthrie.

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