LANSING, Mich. (AP) – Michigan universities and colleges would be required to give students information about their federal loans each year under a bill advancing in the Legislature.
The House passed the legislation 91-14 Wednesday and sent it to the Senate for consideration.
Supporters say there is evidence from other states that providing students with more information about their debt leads to better financial planning.
Under the bill, students would receive estimates on how much they have borrowed, their future monthly loan payments and total payoff estimates.
The sponsor, Republican Rep. Thomas Albert of Lowell, has said student loan debt can be a serious problem and once students realize their debt and what they will have to pay, they’re less likely to borrow money they may not need.
ONLINE: House Bill 5071