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Ohio state legislators to propose ‘common sense bill’ for financial transparency at colleges

By WHIO Staff

Student loan forgiveness The Biden administration on Tuesday released details of a plan to make it easier for student-loan holders to erase debts by using income-driven repayment plans. (BrianAJackson/Getty Images/iStockphoto)

By WHIO Staff

COLUMBUS — State legislators are expected to introduce the “Higher Education Return on Investment Act” that will allegedly provide more financial transparency to incoming college students.

>> MORE: DOE proposes student loan ‘safety net’ that would transform income-driven repayment plans

State Representatives Adam Mathews (R-Lebanon) and Jim Thomas (R-Jackson Township) are expected to introduce the legislation in an effort to “better clarify financial expectations for students before they begin their futures,” an Ohio House of Representatives spokesperson stated.

“My hope with this bill is to give proper information to our students to empower them as they start their careers,” Thomas said. “It’s crucial that we give our college students the tools to be successful, both as students and beyond.”

The bill will reportedly mandate all state colleges and universities in Ohio to provide a one page disclosure form notifying students of:

  • Tuition, room & board costs, special fees, mandatory fees;
  • Grants, scholarships, loans, work-study funds, and how or if they can be lost;
  • Expected monthly loan payment;
  • Salary range at graduation for 25-75% of graduates, with the information most tailored to applicant; and
  • Salary range 5 years out for 25-75% of similar graduates, with the information most tailored to applicant.

“We are thrilled to begin our legislative journey with this fiscally sound and common sense bill,” Mathews added.


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