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Code · BILL · 115th Congress · S. 2155 (Engrossed in Senate) — To promote economic growth, provide tailored regulatory relief, and enhance consumer protections, and for other purpo... · Sec. 603

Sec. 603. Best practices for higher education financial literacy

243 words·~1 min read·/bill/115/s/2155/es/section-603

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Section 514(a) of the Financial Literacy and Education Improvement Act ( 20 U.S.C. 9703(a) ) is amended by adding at the end the following: After soliciting public comments and consulting with and receiving input from relevant parties, including a diverse set of institutions of higher education and other parties, the Commission shall, by not later than 1 year after the date of enactment of the Economic Growth, Regulatory Relief, and Consumer Protection Act, establish best practices for institutions of higher education regarding methods to— teach financial literacy skills; and provide useful and necessary information to assist students at institutions of higher education when making financial decisions related to student borrowing.
The best practices described in subparagraph
(A)shall include the following: Methods to ensure that each student has a clear sense of the student's total borrowing obligations, including monthly payments, and repayment options. The most effective ways to engage students in financial literacy education, including frequency and timing of communication with students. Information on how to target different student populations, including part-time students, first-time students, and other nontraditional students. Ways to clearly communicate the importance of graduating on a student’s ability to repay student loans. The Commission shall maintain and periodically update the best practices information required under this paragraph and make the best practices available to the public. Nothing in this paragraph shall be construed to require an institution of higher education to adopt the best practices required under this paragraph. .
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Sec. 603
Best practices for higher education financial literacy
U.S.C.§ 9703
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