U.S. Senator Ron Johnson, a Wisconsin Republican, joined Democratic Sens. Amy Klobuchar of Minnesota and Joe Donnelly of Indiana to introduce legislation Wednesday aiming to help students understand the financial implications of their student loan debt.
The Empowering Student Borrowers Act would require colleges to send a letter to students every year detailing each student’s total loan debt, projected monthly repayment amounts, and the estimated interest rate for each loan. The bill would also require the Department of Education to develop best practices for colleges and universities to teach financial literacy skills and provide information on student borrowing