The full House on Wednesday afternoon passed the Empowering Students Through Enhanced Financial Counseling Act, H.R. 1635, which provides annual financial counseling for student loan borrowers.
House Speaker Paul Ryan, R-Wis., said after the 406-4 vote that “college should be an opportunity for all those who want it. But with a complex federal financial aid system that provides little guidance to students, it’s often out of reach or leads to high student debt. Instead of this status quo, we should support students as they make decisions about how to finance their education and begin to repay their loans.”
With this bill, he continued, “students and parents enrolled in federal loan programs will receive yearly counseling tailored to their needs.”
The bill also extends these counseling services to recipients of Pell grants.