Student Loan Sunshine Act
The House of Representatives “overwhelmingly approved the Student Loan Sunshine Act on Wednesday in the wake of scandals that have implicated some of the country’s largest lenders and elite educational institutions.”
The act passed 414-3 with strong bipartisan support, and bans gifts and revenue-sharing agreements between lenders and schools, requires institutions to disclose all relationships with lenders and allows only “preferred lender lists” with assurances that they were created with the students’ best interest in mind, among other items.
This is a welcome development when you consider that the average student debt load is hovering around 20,000, the last thing we need is private lenders putting the squeeze on colleges to distribute loans that in the end, put unnecessary financial burdens on students. The Senate is expected to follow suit when they mark up the Higher Education Act. This is a good day for students. You can read the act here.
Stay up fam,