A new Florida state law has taken effect that will require state universities and colleges to provide their students with annual reports that detail how much they have borrowed, their anticipated loan amount, and monthly payments regarding federal loans, the Orlando Sentinel drew from the state law.
Florida universities and colleges must comply beginning July 1, 2017, and guide students through decision-making on whether or not to take a part-time job, which courses may be needed to complete a degree, to big decisions such as deciding on a car or mortgage by providing this information. The law requiring reports only applies to federal loans.
This legislation, specifically, will require these institutions to provide estimates on the total amount of students’ loans and loan payments, including interest, monthly payments, and percentage of borrowing limit.
Nearly half of UCF’s undergraduate population graduates without debt, UCF News & Information’s Assistant Vice President Chad Binette said.
Stay tuned with Knight News for more on state policy changes.