I 

115TH CONGRESS 

2D SESSION H. R. 5277 

To require the Financial Literacy and Education Commission to establish 

and publish best practices for teaching financial literacy for institutions 

of higher education, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 14, 2018 

Mrs. BEATTY (for herself and Mr. STIVERS) introduced the following bill; 

which was referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, for a period to 

be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee 

concerned 

A BILL 

To require the Financial Literacy and Education Commission 

to establish and publish best practices for teaching financial literacy for institutions of higher education, and 

for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Financial Literacy Col5 lege Education Act’’. 


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1 SEC. 2. BEST PRACTICES FOR TEACHING FINANCIAL LIT2 ERACY. 

3 Section 514 of the Financial Literacy and Education 

4 Improvement Act (20 U.S.C. 9703) is amended by adding 

5 at the end the following: 

6 ‘‘(j) BEST PRACTICES FOR TEACHING FINAN7 CIAL LITERACY.— 

8 ‘‘(1) IN GENERAL.—After soliciting public 

9 comments and consulting with and receiving 

10 input from relevant parties, including a diverse 

11 set of institutions of higher education and other 

12 interested stakeholders, including students, par13 ents, and consumer advocacy groups, the Com14 mission shall, by not later than 1 year after the 

15 date of enactment of this subsection, establish 

16 best practices for institutions of higher edu17 cation regarding methods to— 

18 ‘‘(A) teach financial literacy skills; 

19 and 

20 ‘‘(B) provide useful and necessary in21 formation to assist students at institutions 

22 of higher education when making financial 

23 decisions related to student borrowing. 

24 ‘‘(2) BEST PRACTICES.—The best practices 

25 described in paragraph (1) shall include the fol26 lowing: 


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1 ‘‘(A) Methods to ensure that each stu2 dent has a clear sense of the student’s 

3 total borrowing obligations, including 

4 monthly payments, and repayment options. 

5 ‘‘(B) The most effective ways to en6 gage students in financial literacy edu7 cation, including frequency and timing of 

8 communication with students. 

9 ‘‘(C) Information on how to target 

10 different student populations, including 

11 part-time students, first-time students, and 

12 other nontraditional students. 

13 ‘‘(D) Ways to clearly communicate the 

14 importance of graduating on a student’s 

15 ability to repay student loans. 

16 ‘‘(3) MAINTENANCE OF BEST PRAC17 TICES.—The Commission shall maintain and 

18 periodically update the best practices informa19 tion required under this subsection at least 

20 every 2 years and make the best practices avail21 able to the public. 

22 ‘‘(4) RULE OF CONSTRUCTION.—Nothing 

23 in this subsection shall be construed to require 


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1 an institution of higher education to adopt the 

2 best practices required under this subsection.’’. 

Æ 


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