Senator Hukill’s Bill Addressing Student Loan Debt Now Goes to the Governor
Senator Dorothy L. Hukill’s (R-Port Orange), Senate Bill 396 Student Loan Debt bill has passed the Florida legislature with unanimous support today.
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.
In the U.S., student loan debt is over $1.3 trillion and growing by approximately $2,667.20 every second. Senator Hukill’s legislation allows students to be given their loan information annually by their college or university as they are working on their degree to be knowledgeable of their financial situation. This bill as well as Senator Hukill’s SB 392, which addresses teaching high school students’ financial literacy, will help students make better decisions about their financial futures as they join the work force and enter adulthood.
“Student loan debt is growing every second and every second a student is putting themselves further into debt for their education,” said Senator Hukill. “Our students need to be as informed about this debt and what it will cost over the life of the loan as they would be when they buy a car or a house.”
“With total student loan debt recently surpassing one trillion dollars, something must be done to make students aware of the debt they are accruing,” stated Senator Bean. “This bill will give students the information they need to make informed, fiscally-responsible decisions when it comes to student loans.”
Senator Aaron Bean (R-Jacksonville) is the co-introducer of Senate Bill 396.
Representative Tom Leek (R-Ormond Beach) is the sponsor of the companion House Bill 867.