Congressman Grothman Introduces Responsible Borrowers Act

By: Ryan Brahm 

Congressman Glenn Grothman has introduced a new bill he says will protect students from taking on excessive student loan debt.

The so-called Responsible Borrowers Act was co-written by the Glenbeulah native, and fellow Republicans Tom Tiffany (WI), Claudia Tenney (NY), Doug LaMalfa (CA), and Burgess Owens (UT).

Under current law, institutions of higher education are forbidden from providing guidance to students on the risks associated with borrowing up to the maximum amount of a federal student loan.

As a result, students often borrow more than they need.

This new measure would, if passed, allow colleges to implement guard rails on how much money students can borrow.

Grothman said in a news release, “The Responsible Borrowers Act will help students minimize risk when considering student loans and provide universities with more influence to help put an end to students taking out unnecessary debt.”

The bill is endorsed by Moraine Park Technical College President, Bonnie Baerwald, and the National Association of Student Financial Aid Administrators (NASFAA).

Read the article here.