Title: Financial Literacy College Education Act
Policy area: Education

Summary:
Financial Literacy College Education Act
This bill amends the Financial Literacy and Education Improvement Act to require the Financial Literacy and Education Commission to establish best practices for institutions of higher education regarding methods to: (1) teach financial literacy skills, and (2) provide useful and necessary information to assist students when making financial decisions related to student borrowing.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5277 Introduced in House (IH)]

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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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Financial Literacy College Education 
Act''.

SEC. 2. BEST PRACTICES FOR TEACHING FINANCIAL LITERACY.

    Section 514 of the Financial Literacy and Education Improvement Act 
(20 U.S.C. 9703) is amended by adding at the end the following:
            ``(j) Best Practices for Teaching Financial Literacy.--
                    ``(1) In general.--After soliciting public comments 
                and consulting with and receiving input from relevant 
                parties, including a diverse set of institutions of 
                higher education and other interested stakeholders, 
                including students, parents, and consumer advocacy 
                groups, the Commission shall, by not later than 1 year 
                after the date of enactment of this subsection, 
                establish best practices for institutions of higher 
                education regarding methods to--
                            ``(A) teach financial literacy skills; and
                            ``(B) provide useful and necessary 
                        information to assist students at institutions 
                        of higher education when making financial 
                        decisions related to student borrowing.
                    ``(2) Best practices.--The best practices described 
                in paragraph (1) shall include the following:
                            ``(A) Methods to ensure that each student 
                        has a clear sense of the student's total 
                        borrowing obligations, including monthly 
                        payments, and repayment options.
                            ``(B) The most effective ways to engage 
                        students in financial literacy education, 
                        including frequency and timing of communication 
                        with students.
                            ``(C) Information on how to target 
                        different student populations, including part-
                        time students, first-time students, and other 
                        nontraditional students.
                            ``(D) Ways to clearly communicate the 
                        importance of graduating on a student's ability 
                        to repay student loans.
                    ``(3) Maintenance of best practices.--The 
                Commission shall maintain and periodically update the 
                best practices information required under this 
                subsection at least every 2 years and make the best 
                practices available to the public.
                    ``(4) Rule of construction.--Nothing in this 
                subsection shall be construed to require an institution 
                of higher education to adopt the best practices 
                required under this subsection.''.
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