Quinn Student Debt Legislation Headed to Governor’s Desk
10/17/2018
HARRISBURG – Legislation sponsored by Rep. Chris Quinn (R-Delaware), which would help college students track their student loan debt and make more informed decisions about borrowing, is now on its way to becoming law.

“Outstanding student loan debt in this country has reached an unprecedented $1.3 trillion,” said Quinn.  “It is critical that this burdensome debt load is brought under control, and my legislation aims to do that.

House Bill 2124 would require colleges and universities that receive federal student loan information for their students to send letters to those students each year, updating them on their current student loan debt level and obligation,” said Quinn. “These letters would provide the information necessary to enable students and their parents to make informed decisions about college borrowing.”

Under Quinn’s bill, the letters would be mailed or emailed annually in advance of a student’s acceptance of additional funding, but no later than July 1.  The letters would include estimates of the student’s total debt at graduation and projected monthly payments.  

“Instead of being shocked by their student loan debt at graduation, my bill would enable students to see their debt as it is growing and make informed and responsible financial decisions that could limit their liability and reduce their financial burden,” Quinn said.

The requirements under House Bill 2124 would be administered through the Pennsylvania Department of Education beginning in September 2019 and would also include information on loans by institutions of higher education. Similar legislation in other states has substantially reduced student borrowing and helped students and their families to make enlightened financial choices.  

House Bill 2124 is now awaiting the governor’s signature.
 

Representative Chris Quinn
168th District
Pennsylvania House of Representatives

 
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