Texas State Senator Kel Seliger, R-Amarillo, announced that he would be introducing three bills to improve financial aid availability and overall financial literacy for college students.
Senate Bill 887 requires colleges and universities to present annual loan debt disclosures to borrowers. These disclosures would include an estimate of the total loan disbursement, the final repayment amount, and a monthly payment calculation after graduation.
The other two bills—SB 885 and SB 886—are centered around Toward Excellence, Access, and Success (TEXAS) Grants and Texas Educational Opportunity Grants (TEOG). They require these programs to be used solely towards tuition, fees, and textbooks.
Senator Seliger hopes that these bills will enable borrowers to “better understand what their financial state and responsibilities will be upon graduation.” The bills are designed to increase access to the two Texas grant programs by ensuring that funds are spent wisely.
It’s no secret that America is suffering from a student loan debt crisis, but some states have it worse than others. The state of Texas has a large population which means it is more likely to have student borrowers in its midst.
Image Copyright Chad Sparkes