Financial Literacy College Education Act

Bill: 115-hr-5277
Sponsor: full_name: Rep. Beatty, Joyce [D-OH-3]
Introduced: 2018-03-14
Policy area: Education
Subjects: Financial literacy

Government information and archives

Higher education

Student aid and college costs
Latest action: action_date: 2018-03-14
text: 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.

Summaries:
action_date: 2018-03-14
action_desc: Introduced in House
text: <p><b>Financial Literacy College Education Act</b></p> <p>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.</p>

tv_txt: I 115th CONGRESS 2d Session H. R. 5277 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. Short title This Act may be cited as the Financial Literacy College Education Act . 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. .