Virginia Legislation Recap
Virginia passed student debt letter legislation in March 2018, requiring a public institution of higher education to notify federal student loan borrowers enrolled in the institution at least once during each academic year, about their indebtedness.
What information must schools report in order to meet the requirements of the law?
The notification must include an up-to-date estimate of the following information:
- The student’s total amount of federal education loans;
- The student’s total potential loan repayment amount, including principal and interest, for the total amount of federal education loans;
- The student’s monthly loan repayment amounts for the total amount of federal education loans; and,
- The percentage of the aggregate borrowing limit the student has reached, unless such information is unavailable.
Are there any additional requirements or statements?
No.
Here's how to navigate it
Student debt letters are a great way to help you retain the students you've worked so hard to enroll. But for an already overworked staff, debt letter legislation can feel like just one more area requiring compliance. Our free downloadable resources can help you find your way!
