Curbelo Celebrates House Passage of Bill to Enhance Federal Financial Aid Counseling for Students, Families
Representative Carlos Curbelo (FL-26) welcomed House passage of legislation to increase the financial literacy of higher education students and families through improved counseling for recipients of federal financial aid.
“It’s essential for students and families to have the tools they need to better understand the costs of higher education and what the investment means for their short-term and long-term financial health,” Curbelo said. “I’m proud this legislation will require institutions of higher education to provide their students with more consistent counseling to ensure they fully understand and regularly reevaluate all their financing options. I hope the Senate will act on it swiftly.”
The Curbelo co-sponsored Empowering Students Through Enhanced Financial Counseling Act (H.R. 1635) would modify loan counseling requirements for higher education institutions that participate in federal student aid programs. It would improve the timing and frequency of loan counseling and ensure counseling includes recommendations for students to exhaust available grant, work-study, and scholarship assistance before taking out loans, as well as a review of all federal student loan options before considering private loans. The bill would also require bolstered exit counseling to empower borrowers to make smart financial decisions as they leave school and begin to repay their higher education loan commitments.