Bill aims to make sure students are financially savvy before they take out college loans

Today, June 29, U.S. Sens. Mark R.  Warner (D-VA), Dean Heller (R-NV), Tim Kaine (D-VA) and Cory Gardner (R-CO) introduced bipartisan legislation to help students make smart decisions in the financing of their higher education, according to a news release from Warner’s office.

The Empowering Students Through Enhanced Financial Counseling Act would promote financial literacy by providing students who are recipients of federal financial aid with comprehensive counseling services.

Nationwide, Americans owe more than $1.3 trillion in student loan debt, outstripping credit cards and auto loans as the country’s leading source of non-housing debt.

A companion bill has been introduced in the House of Representatives and carries strong bipartisan support, the release stated.