Senate committees prepare to examine student loan debt concerns

HARRISBURG – The Senate Majority Policy Committee and Senate Education Committee will hold a joint public hearing regarding student loans and financial literacy for college students on Monday, October 17.

The hearing will be held at 10 a.m. in Hearing Room No. 1 of the North Office Building. The committees are expected to review current loan procedures and the potential impact that legislation would have on institutions of higher education and Pennsylvania’s students and families.

“The student loan debt burden is a serious concern for policymakers because the cost of higher education will only grow more burdensome in the years to come,” said Senate Majority Policy Committee Chairman David G. Argall (R-Schuylkill/Berks). “Ensuring that our students understand the impact of their future debt is critical for their long-term financial wellbeing.”

The hearing is being held at the request of Senator Guy Reschenthaler (R-Allegheny/Washington), Vice Chairman of the Senate Majority Policy Committee.

“As someone who is still paying off student loans, I can personally relate to and empathize with the millions of Americans working to get out from under their student loans,” Reschenthaler said. “The negative effect of over $1.2 trillion in outstanding student loan debt on our economy, housing market, and consumer confidence is undeniable. States across the country are starting to look at ways to balance the critical importance of maximizing students’ higher education experience, while at the same time encouraging reasonable and responsible financing levels. I look forward to working with and learning from the many testifiers to better understand what is being done, and what can be done, to improve a student’s financial situation upon graduation. Today is just one step in making Pennsylvania and our prestigious colleges and universities a national leader in responsible student loan borrowing practices.”

The following organizations and institutions are scheduled to participate in the hearing:

–              Association of Independent Colleges and Universities of Pennsylvania

–              Lincoln University

–              Pennsylvania College of Technology

–              Pennsylvania Commission for Community Colleges

–              Pennsylvania Higher Education Assistance Agency

–              Pennsylvania State System of Higher Education

–              Pennsylvania State University

–              Temple University

–              University of Pittsburgh

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