WASHINGTON – Today, the House of Representatives voted unanimously to pass Congressman Tom O’Halleran’s (AZ-01) amendment to H.R. 1635, the Empowering Students Through Enhanced Financial Counseling Act. The bipartisan bill, introduced by Congressman Guthrie (KY-02), provides students with information about federal student loans and improves financial counseling as they make responsible financial decisions and plan for the future.
O’Halleran’s amendment, cosponsored by Congressman Ami Bera (CA-07), requires the annual counseling mandated by H.R. 1635 to include a disclosure of the anticipated monthly payment to a borrower for any income-driven repayment plan they’re eligible for.
“For many young adults, making these major financial before and throughout their education, as well as when they transition into the workforce, can be complex and daunting, ” said O’Halleran following the vote. “A lot of student borrowers simply do not know all the options available to them as they repay their federal student loans. We should increase transparency and make sure they have the resources they need to thrive. My amendment helps ensure that student borrowers and families have a full view of the loan repayment options as they make these decisions. Income-driven repayment plans, like PAYE, REPAYE, and Income-Based Repayment (IBR) have offered thousands of Arizonans more manageable and predictable ways to pay back their debt. I thank my colleagues for their unanimous support on this commonsense amendment to a bill that will help hardworking students and their families.”
Watch Rep. O’Halleran’s floor speech here.