Improving the borrower’s financial literacy

Senators Tim Scott, South Carolina Republican, and Joe Donnelly, Indiana Democrat, have introduced a measure to raise the financial literacy of college students to ensure that student borrowers have access to the best tools and information to make responsible decisions. It’s called the Empowering Student Borrowers Act. A study released last year found that about one-half of college freshmen in the U-S seriously under-estimate how much student debt they have.