Education
student loans. Photo - Flickr/Jagz Mario student loans. Photo - Flickr/Jagz Mario  

Congress poised to regulate colleges in response to massive student debt

Bloomberg Businessweek
Contributor

Marco Rubio, the son of a bartender and the first in his family to go to college, just finished repaying more than $125,000 in student-loan debt from the University of Florida and the University of Miami law school.

Now, Rubio, a Florida senator and a rising star in the Republican Party, is embracing a bipartisan bill that would force colleges to give students information about costs and career prospects.

After a decade of resistance from universities, Congress is poised to take on college prices amid a groundswell of anger about tuition outpacing inflation and family incomes, leaving borrowers with $1 trillion in debt. Politicians from both parties are seeking to compel colleges to tell students how much they could be expected to earn from their degrees, spell out fees and debt in plain English, reward schools that keep tuition affordable — and punish those that don’t.

Full story: Regulating U.S. Colleges for Student Debts Seen Winning Support