Senator Dorothy L. Hukill, District 14 — Press Release
FOR IMMEDIATE RELEASE
April 6, 2017
Senator Hukill: Student Loan Debt Bill Passes Senate
Senator Dorothy L. Hukill’s (R-Port Orange), Senate Bill 396 Student Loan Debt bill has passed the Senate with unanimous support today.
Student loans are a common way for students to fund their college education when they otherwise cannot afford to attend college. Often times now a student graduates with a degree, but is left with an enormous amount of debt. Student loan debt in the U.S. is over $1.3 trillion and growing by approximately $2,667.20 every second. Senator Hukill’s bill will make sure that students are given their loan information annually by their college or university as they are working on their degree to be better informed of their financial situation.
Students who are receiving student loans must be informed about the debt they are incurring. They may be borrowing more than their future job will pay or they may not complete their degree and have a harder time paying back the loans. Students may also be using the money meant for tuition, books and housing to support a lifestyle beyond the students’ normal means such as cars, clothing, partying and so on. Under borrowing can also be an issue as it can lead to taking longer to graduate, working more hours, scheduling fewer classes a semester, and could even lead to them not attaining their degree.
The bill requires public and private post-secondary education institutions (colleges & universities) to provide information regarding student loans to students on an annual basis. The institutions will provide up-to-date information to each student receiving student loans. The knowledge provided will allow students to better prepare their finances and goals post-graduation.
“Higher education is a personal investment in ones future,” said Senator Hukill. “Students understanding the investment they are making in this future, by being better informed about their student loan debt, will allow them to be more successful post-graduation.”
“We’re asking universities to give a “truth in lending” statement to the students they are loaning money to so that those students can make informed decisions about their financial future,” said Senator Bean.
Senator Aaron Bean (R-Jacksonville), is the co-introducer of Senate Bill 396.
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ATTACHED: Senate Bill 396 – Student Loan Debt Bill Language