Washington, D.C. – Following the conclusion of many high school and college graduations in Colorado and across the country, Colorado U.S. Senator Michael Bennet is calling on Congress to pass provisions in the bipartisan FAST Act to help students better understand their financial options to attend college.
“Thousands of students in Colorado are celebrating their graduations. Yet, many high school graduates don’t have sufficient information to determine how to best pay for college, while college graduates too often aren’t clear about their student loan repayment options,” Bennet said. “Our bipartisan bill simplifies this needlessly complicated process and empowers students and their families with stronger financial literacy support. It also provides parents and students with information on the types of financial aid for which they are eligible earlier in the process, information about possible monthly payment amounts for potential borrowers, and helps them understand their repayment options once they complete their education.”
Bennet introduced the bipartisan FAST Act with Senator Lamar Alexander (R-TN) last year. The bill strengthens financial literacy related to college aid for students and parents throughout the borrowing process. In addition to reducing the 108-question FAFSA to a single postcard with two questions, it would ensure high school students are informed in their junior year of the amount they’ll receive in federal aid to help pay for college. Specifically, students applying for federal financial aid for college will be able to use their families’ tax returns from an earlier tax year to determine their eligibility for federal grants and loans. It would also simplify the options students have to repay their federal loans. The bill also streamlines federal grant and loan programs to better serve more students more effectively.