New state law aims to inform Indiana students of loan debt
WEST LAFAYETTE, Ind. (AP) – A new law in Indiana mandates public universities to inform students in an email or letter every year about how much they owe in students loans.
Gov. Mike Pence signed the bill in July. It was inspired by Indiana University, which started the practice in 2013, telling students how much they had borrowed, the interest rate and estimated cost each month after graduation.The (Lafayette) Journal & Courier reports that the goal is to make sure students understand the future ramifications of what they will owe, so they don’t take out more loans than they need.
State Rep. Randy Truitt, a Republican from West Lafayette, co-authored the bill. He says legislators should do whatever they can to put a dent in the $1.3 trillion in student debt owed nationwide.