Committee Passes Congressman Guthrie's Financial Literacy Bill
Washington, DC, June 22, 2016
Tags: Fiscal Responsibility
Washington, DC– Today the House Education and Workforce Committee passed a bill sponsored by Congressman Brett Guthrie (KY-02), H.R. 3179, the Empowering Students Through Enhanced Financial Counseling Act. This is a bipartisan bill that strengthens financial literacy by improving counseling for all federal financial aid recipients.
“Students need timely and comprehensive information on facts and existing options surrounding financing their college education in order to make wise and informed decisions. Current policies do not provide students with the tools they need to have a clear understanding of their financial obligations,” said Congressman Guthrie. “My bill will improve the quality of counseling for student borrowers so that they have the ability to choose the best-suited financing option for them.”
H.R. 3179 enhances loan counseling for federal financial aid recipients by improving the timeliness of when borrowers receive counseling, increasing the frequency of counseling provided to borrowers, and tailoring counseling according to each individual’s circumstances.
“During a time when student debt is overwhelming our nation, this bill will provide clarity and inform borrowers to help them make the best decisions in managing their finances and understanding expectations,” added Congressman Guthrie. “I am glad to see this bill move forward with strong bipartisan support.”