Sec. 603. BEST PRACTICES FOR HIGHER EDUCATION FINANCIAL LITERACY
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## SEC. 603 BEST PRACTICES FOR HIGHER EDUCATION FINANCIAL LITERACY 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: > > #### “(3) Best practices for teaching financial literacy > > > ##### “(A) 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 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— > > > ###### “(i) > > teach financial literacy skills; and > > > ###### “(ii) > > provide useful and necessary information to assist students at institutions of higher education when making financial decisions related to student borrowing. > > > ##### “(B) Best practices > > The best practices described in subparagraph
(A)shall include the following: > > > ###### “(i) > > Methods to ensure that each student has a clear sense of the student’s total borrowing obligations, including monthly payments, and repayment options. > > > ###### “(ii) > > The most effective ways to engage students in financial literacy education, including frequency and timing of communication with students. > > > ###### “(iii) > > Information on how to target different student populations, including part-time students, first-time students, and other nontraditional students. > > > ###### “(iv) > > Ways to clearly communicate the importance of graduating on a student’s ability to repay student loans. > > > ##### “(C) Maintenance of best practices > > The Commission shall maintain and periodically update the best practices information required under this paragraph and make the best practices available to the public. > > > ##### “(D) Rule of construction > > 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
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