Two Republican state representatives have introduced a common sense bill to provide more financial transparency to incoming college students in Ohio.
The Higher Education Return on Investment Act, sponsored by State Representative Adam Mathews (R-Lebanon) (Pictured above, left) and State Representative Jim Thomas (R-Jackson Township) (Pictured above, right), aims to clarify financial expectations for college students better as they begin their futures.
According to Thomas, it’s critical to give these students the tools they need to be successful.
“My hope with this bill is to give proper information to our students to empower them as they start their careers. It’s crucial that we give our college students the tools to be successful, both as students and beyond,” Thomas said.
Under the bill, all state colleges and universities in Ohio must give students a one-page disclosure document along with their financial assistance package and letter of acceptance.
The form must include information on the following:
- Tuition, room and board costs, special fees, and 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 percent of graduates with the information most tailored to the applicant; and
- Salary range 5 years out for 25-75 percent of similar graduates with the information most tailored to applicant
According to Mathews, it’s critical to provide students with clear financial expectations so they can be successful in the future.
“Our colleges are meant to prepare students to create a better Ohio. It is vital that we provide these students with transparency and clear expectations as they begin this vital chapter in their lives,” Mathews said.
State Representative Derek Merrin (R-Monclova) applauded the introduction of the legislation calling it a “home run.”
“This is a home run by State Representative Adam Mathews and State Representative Jim Thomas. Great work that will help many students!” Merrin said.
This is the first piece of legislation for both members as a state representative.
“We are thrilled to begin our legislative journey with this fiscally sound and common sense bill. I’m looking forward to working together with Representative Thomas and the rest of the General Assembly to deliver real results for the people of Warren County and Ohio,” Mathews said.
A spokesman from Mathews’ office told The Ohio Star that the legislation does not have a bill number assigned to date.
– – –
Hannah Poling is a lead reporter at The Ohio Star and The Star News Network. Follow Hannah on Twitter @HannahPoling1. Email tips to [email protected]
Photo “Adam Mathews and Jim Thomas” by Adam Mathews.
IT’S ABOUT TIME!!!!!! We blame these poor young adults and their never-been-to-college parents for signing loan papers to get an education. How else can it be done these days? How many of us have ever bought a home without having an inspection, knowing our monthly payment, knowing our property tax burden, and approximate annual maintenance costs? I still say that colleges should be using their endowment fund money for awarding college loans to students. Some skin in the game should bring a little more fiscal responsibility to the college loan process!