Rick Allen: “I thank Chairman Guthrie for his work on this important legislation. I rise today in strong support of H.R. 1635, the…”

“I thank Chairman Guthrie for his work on this important legislation. I rise today in strong support of H.R. 1635, the Empowering Students Through Enhanced Financial Counseling Act. As the father of 4 and grandfather of 12, with 1 on the way, I understand the anxiety that rising education costs can have on our American families. Students go to school to get a job, not to wrangle with the Federal Government over student loans. With student loan debt climbing to over $1.5 trillion nationwide, we must do more to ensure students are aware of the financial obligations of accepting a Federal student loan. With over 40 years of business experience, I have applied for loans. I have provided a business plan and proof of performance, showing that I can repay those loans. And, over time, I have done just that. However, in education, many students and families are not receiving the necessary information about their loans and grants in order to make responsible financial choices. I want students and families to clearly understand that just because the Federal Government will give you a loan, you do not have to take the full amount. The less in loans you take out, the less you have to pay back. H.R. 1635 addresses the lack of information provided for those taking out student loans. Students and families will now receive counseling every year and detailed loan information so that students have sound decisionmaking tools when it comes to borrowing and repaying student loans.…”