§ 11-1804

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§11–1804. IN EFFECT

// EFFECTIVE UNTIL JULY 31, 2027 PER CHAPTER 342 OF 2024 //

(a)A financial well–being coach shall:

(i)Assist students in understanding the students’ personal financial needs and resources;

(ii)Assist students in the process of making informed personal financial decisions;

(iii)Share relevant financial literacy resources with students; and

(iv)Assist students in managing personal financial obligations during college and after graduation;

(2)While providing the support services listed in item

(1)of this subsection, focus on:

(i)The behavioral and emotional aspects of personal finances; and

(ii)How a student can successfully achieve personal financial goals and establish healthy financial habits;

(3)Carry a caseload that is comparable to the caseload of an academic advisor at the participating institution of higher education;

(4)Survey each student before the student begins financial coaching services and after the student completes financial coaching services and evaluate the effectiveness of the financial coaching services; and

(5)At the end of the Pilot Program, create a document with best practices, processes, and guidance that other institutions of higher education can use to create a financial well–being coaching program.

(1)A financial well–being coach may provide financial coaching services to students in the following settings:

(i)Group coaching sessions;

(ii)Individual coaching sessions; and

(iii)During the financial well–being coach’s drop–in advisory hours.

(2)When scheduling individual coaching sessions, a financial well–being coach shall prioritize students who:

(i)Most likely will have a debt to potential future income ratio that will lead to a monthly loan payment greater than 10% of the student’s projected future income;

(ii)Have an annual household income that is at or below 185% of the federal poverty level as determined annually by the U.S. Department of Health and Human Services; or

(iii)Lack financial skills and financial literacy education.