Strategies to combat rising college costs and crushing college debt plaguing today’s students are imperative to building an economy that works for everyone, not just the wealthy. Today, U.S. Rep. Kathy Castor (D-Tampa/St. Petersburg, FL) hailed the passage of bipartisan legislation to strengthen financial counseling to ensure families receive the information they need to better understand their college financing options and reduce the burden of student debt.

“College tuition keeps rising, putting college out of reach for many and burdening others with student debt,” U.S. Rep. Castor said. “Comprehensive action is needed to improve college affordability, but this is a step in the right direction – empowering parents and students with the information they need to make the right decisions for themselves. This will not only build the knowledge students need for college financing and repayment, but also build financial literacy skills that will last a lifetime.”

Today’s legislation, Empowering Students Through Enhanced Financial Counseling Act, requires annual financial counseling, projected repayment plans and disclosures about expensive private loans. Parents borrowing loans for their children will also have access to the same information.

“I urge my colleagues to not to stop here and move the Higher Education Act to increase access to college by making it more affordable and addressing student loan debt,” U.S. Rep. Castor added. “Just yesterday I met with members of USF’s student government, who want Congress to address college affordability. A quality college education for these students without massive debt is key to growing a stable economy that works for all of our neighbors, many who feel they play by the rules but continue to fall behind.”