Senator Mark Obenshain (R-Rockingham) expressed his pleasure with the signing of SB 568 by Governor Northam. SB 568 requires any public institution of higher education that receives federal education loan information for a student to provide to the student once a year, certain information and estimates regarding the student’s federal education loans.
Obenshain remarked about the bill.
“I am very pleased that the Governor signed this education bill. More than half of students in Virginia borrow money to pay for college and the average debt, according to SCHEV is over $26,000,” Obenshain said. “SB568 will allow students to get an annual statement from their higher education institution showing how much federal money they have borrowed to date, the expected loan total including both principal and interest, and the expected monthly payment once the payment period begins. This will help them have a better hold on the debt they are taking on during college, and how much it will cost to repay it upon graduation.
“I want to ensure that college students know how much they are actually borrowing and how much it will cost them in interest so that hopefully we can help get under control the overwhelming debt that our students often face upon graduation. States across the country, like Florida, Nebraska, and Indiana have adopted similar bills to SB568 and shown positive results.”
SB568’s text and history may be viewed here.
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