Sec. 1. Inclusion of local educational agencies and schools in best practices for teaching financial literacy
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Section 514(a)(3) of the Financial Literacy and Education Improvement Act ( 20 U.S.C. 9703(a)(3) ) is amended— in subparagraph (A)— in the matter preceding clause (i)— by inserting and secondary schools after of institutions of higher education ; by striking May 24, 2018 and inserting January 1, 2024 ; and by inserting and secondary schools after for institutions of higher education ; and in clause (ii), by striking at institutions of higher education when and inserting in ; by striking subparagraph
(B)and inserting the following: The best practices described in subparagraph (A), as applicable to institutions of higher education, shall include— 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; and ways to clearly communicate the importance of graduating on a student’s ability to repay student loans. The best practices described in subparagraph (A), as applicable to secondary schools, shall include— methods to create a budget, track expenses, and save for short-term and long-term financial objectives; effective ways to save and invest money, including by introducing students to different financial securities; information on the fundamentals of credit, including a description and effects of credit scores, and the importance of responsible credit card usage; critical thinking skills to evaluate financial products, make informed decisions, and avoid financial scams; and methods to ensure that each student has a clear understanding of postsecondary education financing options, including student loan borrowing, in preparation for enrollment at an institution of higher education. ; and in subparagraph (D), by inserting or a secondary school after institution of higher education .
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Sec. 1
Inclusion of local educational agencies and schools in best practices for teaching financial literacy
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