Bill Aims to Increase Openness in College Costs & Student Loan Debt
A new bipartisan bill, led by Senator J.D. Vance (R-OH) and cosponsored by Senator Tommy Tuberville (R-AL), seeks to provide students and families with clearer facts about the financial implications of attending a four-year university. The legislation focuses on strengthening the College Scorecard, a resource designed to help prospective students compare colleges and understand potential debt burdens.
The bill mandates that the College Scorecard provide detailed data on student loan amounts, the risks associated with debt, and the typical timeframe for loan repayment. This includes specific information on median earnings for graduates, as well as the median debt accrued through Federal Stafford loans, Graduate PLUS loans (where applicable), and Parent PLUS loans.”Students deserve to know exactly what financial burdens and realistic outcomes come with attending a college,” said Vance. “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.”
Senator Tuberville echoed this sentiment, stating, “The most vital 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 and are unable to achieve their life goals because the cost of higher education is out of control. This legislation will increase transparency around the costs of higher education and equip our students with information to decide what is best for them.”
The need for increased transparency is underscored by the dramatic rise in college tuition - nearly 500% as 1963, according to data from EducationData.org.
The bill builds upon existing efforts to provide college cost information. The College Scorecard was initially launched under the Obama administration and expanded through Executive Order 13864 issued by President Trump in 2019. This legislation would codify Section 4 of that Executive Order, ensuring the continued publication of key data points including:
Estimated median earnings of graduates
Median amounts of debt from Stafford, Graduate PLUS, and Parent PLUS loans
Student loan default rates and repayment rates (for all loan types)
Parent PLUS loan default and repayment rates
* Graduate PLUS loan default and repayment rates
The full text of the bill is available for review here.
