Student Debt Legislation Now Law
My bill to help college students track their student loan debt and make more informed decisions about borrowing was recently signed into law by Gov. Tom Wolf. Act 121 of 2018 will require colleges and universities that receive federal loan information for their students to send letters to those students each year, updating them on their current student loan debt level as well as estimates of their total debt at graduation and projected monthly payment obligation.

Instead of being shocked by their student loan debt at graduation, these letters will enable students and their families to see their debt as it is growing and make informed and responsible financial decisions that could limit their financial burden. Student loan debt has reached an unprecedented $1.5 trillion in this country. It is critical that this burdensome debt load be brought under control.