An independent federal agency is calling on Congress to help prevent college students from taking on an unaffordable amount of student debt
Congress should require colleges to give students an accurate price for the cost of attendance, the Government Accountability Office said in a recent report that found that most colleges fail to provide all the financial information students need. The report comes as President Joe Biden’s student loan forgiveness program, which would deliver up to $20,000 in debt cancellation for millions of borrowers, remains blocked by federal courts.
Another big problem is that some letters don’t include indirect costs, like housing and food, which can sometimes be more expensive than tuition. North Carolina Rep. Virginia Foxx, a Republican, had asked the GAO to do the review and called the results “egregious and unacceptable.” Foxx and Rep. Lisa McClain, a Republican from Michigan, introduced legislation last week that would establish certain requirements for college financial aid offers.
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