Culpeper Star-Exponent: Simplifying student loan borrowing: GCC backs Spanberger bill for greater transparency

CULPEPER STAR-EXPONENT

Germanna Community College leadership is part of a growing number of voices in Virginia secondary education who are backing reintroduction of a 2019 federal bill seeking to increase federal student loan transparency.

The Student Loan Disclosure Transparency Act would give students additional tools to understand and decrease their student debt burdens, according to a release on Monday from bill sponsor, Rep. Abigail Spanberger, D-7th.

The measure would require monthly disclosures to student borrowers on projected payments, accrued interest, total cost of attendance, and other personalized details—in understandable terms. The bill would require regular disclosures throughout the life of a federal student loan.

Germanna Community College President Dr. Janet Gullickson in a statement said they enthusiastically endorse the reintroduced legislation.

“Students often borrow without full knowledge of the terms and conditions attached to student loans. For example, is this a private loan or federally subsidized?” she said. “What happens if payments aren’t made on time? Can part of the loan be forgiven through public service?”

Spanberger’s legislation simplifies student loan borrowing, Gullickson said.

“The Act will put these disclosure responsibilities where they belong—with lenders. Creating and disseminating clear information for students and their families will assist in preventing financial ruin for many,” she said.

George Mason University, Northern Virginia Community College and University of Mary Washington also announced support for the legislation on Monday.

“Congresswoman Spanberger’s bill would provide much needed simplicity and transparency to the student loan process and is a welcome step for students and their families,” said Dr. Mark Ginsberg, Provost, George Mason University.

Dr. Anne M. Kress, President, Northern Virginia Community College, said to make educated financial decisions, college students need timely, clear, and easily understood information about loans. The Student Loan Disclosure Transparency Act would provide just that, she said.

If enacted, the measure will empower students to know and understand the terms of student loans, increasing transparency and helping advance their education, said Dr. Troy D. Paino, University of Mary Washington president.

“Thank you to Representative Abigail Spanberger for championing its re-introduction,” he said.

Recent Posts


May 24, 2024
Veterans' Issues

Spanberger Statement Ahead of Memorial Day 2024

Congresswoman: “We Remember the Americans Who Set Forth in Service, Those Who Felt a Calling to Defend Our Core American Values, and Those Who Laid Down Their Lives to Protect Our Freedoms” WOODBRIDGE, Va. — U.S. Representative Abigail Spanberger today released the following statement ahead of Memorial Day 2024. “Memorial Day reminds us of the often-steep […]



May 23, 2024
Agriculture

Spanberger Statement on Status of Farm Bill Negotiations

The Congresswoman is the Only Virginian on the U.S. House Agriculture Committee WASHINGTON, D.C. — U.S. Representative Abigail Spanberger today released the following statement on the status of Farm Bill negotiations ahead of a U.S. House Agriculture Committee markup on the House GOP’s initial Farm Bill. “As the only Virginian on the House Agriculture Committee, I […]



May 22, 2024
Local Issues

On Floor of U.S. House, Spanberger Shares “Stories of Service” from Virginians, Honors Servicemembers, Veterans, & Military Families During Military Appreciation Month

For the Second Year in a Row, the Congresswoman Shared “Stories of Service” She Received from Virginians to Honor the Personal Sacrifices of Those Who Put on the Uniform WASHINGTON, D.C. — On the floor of the U.S. House of Representatives, U.S. Representative Abigail Spanberger today honored Veterans, servicemembers, and Virginia military families. To recognize […]