“With student loan debt at record high of $1.4 trillion, it is important for students and their families to have the most information available to them when deciding where to attend college and how much debt to assume,” Romney said. “I’m proud to join my colleagues in cosponsoring this bipartisan measure that, in addition to providing relevant information about student loan borrowing, will ensure that students and their families have the most information possible to make the best decision regarding their future.”
The College Transparency Act was authored by U.S. Senator Cassidy (R-LA). In addition to Senator Romney, this measure is cosponsored by U.S. Senators Tammy Duckworth (D-IL), Dan Sullivan (R-AL), Amy Klobuchar (D-MN), Elizabeth Warren (D-MA), Tim Scott (R-SC), Sheldon Whitehouse (D-RI), John Cornyn (R-TX), Tammy Baldwin (D-WI), Joni Ernst (R-IA), Sherrod Brown (D-OH), Cory Gardner (R-CO), Bob Casey (D-PA), Lindsey Graham (R-SC), Maggie Hassan (D-NH), David Perdue (R-GA), Doug Jones (D-AL), Pat Roberts (R-KS), Tim Kaine (D-VA), Pat Toomey (R-PA), Chris Murphy (D-CT), and Thom Tillis (R-NC).
The College Transparency Act will share with students how others with similar backgrounds have succeeded at an institution, and help point them towards schools and programs of study best suited to their unique needs and desired outcomes. It will also aid institutions of learning and policymakers in their work to improve our country's postsecondary education system.
The current college data reporting system provides little practical information for students and families due to significant gaps in the data made publicly available. Under the updated system, institutions would securely report privacy-protected, student-level data to the National Center for Education Statistics (NCES). NCES would be responsible for securely storing student information, working with relevant federal agencies to generate post-college outcomes reports, and presenting the summary information on a user-friendly website for students and families.