Elise Stefanik: “I thank Chairwoman Foxx. Today, young Americans are burdened with more than $1.4 trillion in student debt. As the cost…”

“I thank Chairwoman Foxx. Today, young Americans are burdened with more than $1.4 trillion in student debt. As the cost of college tuition continues to rise, we know that students who do not complete their degrees and graduate bear the heaviest burden when paying back loans. {time} 1500 This is why we must ensure that borrowing is done wisely and that we provide students with information so they don't feel compelled to drop out because of a change in finances. Financial literacy is the foundation needed for students to make informed decisions, yet over 40 percent of students carrying high debt loads cannot remember ever receiving financial counseling. Many students work very hard to line up savings, scholarships, grants, and loans to pay for their education only to have something change in their personal life. This could be the death or an illness of a family member, the loss of a parent's or student's job, an investment that didn't work out, or any number of situations resulting in a significant change to the student's financial circumstances. When students are faced with these hardships, some rush into a loan that may not be in their best interest, and some may even decide to drop out of school. We should not accept either of those outcomes, especially when our Nation's schools are equipped with the dedicated support of financial aid officers.…”