Rep LaFave votes for students to get more college loan information

first_img State Rep. Beau LaFave voted this week to require state colleges to provide annual updates to students on their federal student loan status to better manage their debt.“Our Upper Peninsula college students do not need the added challenge of starting their careers under a mountain of debt,” said LaFave, of Iron Mountain. “A simple yearly update can paint an ideal picture of where students stand and better prepare for the costs of education.”The legislation approved by the House requires estimates of monthly repayment amounts based on current projections, access to student loan counseling services available through each college and information on employment opportunities available in a student’s chosen course of study.LaFave, a 2015 graduate of Michigan State University, understands the effect of debt on Michigan students as the average deficit has grown by $10,000 over the past 10 years. More than 60 percent of graduates have debt.On a national level, total student loan debt has ballooned to $1.4 trillion.“Those numbers are staggering and all too real to me, so legislation such as this is long overdue,” LaFave said. “If we’re going to build Michigan’s future in a fiscally responsible way, we need to make sure our college students understand what they face with the cost of education and give them the opportunity to know their options.”##### 01Dec Rep. LaFave votes for students to get more college loan information Categories: LaFave News,Newslast_img

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