WASHINGTON – Today, U.S. Senators Tommy Tuberville (R-AL) and Jon Husted (R-OH) introduced the Debt, Earnings, and Cost Information Disclosure for Education (DECIDE) Act, which would codify section 4 of President Donald Trump’s Executive Order (EO) 13864 to help students understand the financial commitments they take on when they attend a four-year university. The bill would require the College Score Card to provide students clarity of loan amounts, the risk that comes with debt, and the time it takes students to pay back those loans.
“The most important commodity we have in the United States is our young people, yet more and more of them are finding themselves buried in student loan debt,” said Sen. Tuberville.“The cost of higher education is out of control. While attending college may not be for everyone, it is important for those pursuing undergraduate and graduate degrees to understand the financial impact it will have on them and their futures. I’m proud to join Sen. Husted in introducing this legislation to increase transparency around costs of higher education.”
“Students deserve to know exactly what financial burdens and realistic outcomes come with attending a college,” said Sen. Husted.“As college tuition continues to increase, my bill would help students make informed decisions about their futures and avoid being shackled by debt for years to come.”
College tuition has increased by almost 500% since 1963. The DECIDE Act would ensure students and families can access clear data outlining the financial consequences of student debt before they choose to attend a college or university.
BACKGROUND:
President Trump issued EO 13864 in March 2019. This EO was built on an initiative that created the College Scorecard for prospective students and families to compare various metrics of colleges and universities.
The interactive College Scorecard gives students and families key pieces of data about a college and academic program, including the cost of attendance, graduation rate, median earnings, loan default rate, average amount of debt, rate of employment among its graduates and more.
This bill would codify section 4 of EO 13864 and ensure the Scorecard publishes:
- Estimated median earnings
- Median amount of money owned on Federal Stafford loans
- Median Graduate PLUS loan debt (if applicable)
- Median Parent PLUS loan debt
- Parent PLUS loan debt refers to the financial obligation parents of dependent undergraduate students undertake by taking out a PLUS loan.
- How many students default on their loans and how fast they’re able to pay off these debts
- Graduate PLUS default rate and repayment rate
- Graduate PLUS default rate and repayment rate refer to the percentage of graduate students who fall behind on their loans and how quickly they can pay them back.
- Parent PLUS default rate and repayment rate
- Parent PLUS default rate and repayment rate refer to the percentage of parents who cannot keep up with their student loans and how quickly those who can are able to pay them back.
Full text of the bill is available here.
MORE:
Tuberville, Grassley Reintroduce Bill to Help Students Navigate College Costs
Tuberville Praises Alabama Students, Teachers for Leading the Nation in Math Education Improvement
Tuberville Cosponsors Bill to Protect Higher Education from Chinese Influence
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.
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