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  • Not enacted
    The President has not signed this bill
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      house Committees
      House Committee on Education and the Workforce
      Higher Education and Workforce Training
    IntroducedMarch 5th, 2009

Bill Details

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Official Title

To require financial literacy counseling for borrowers, and for other purposes.

Summary

Amends the Higher Education Act of 1965 to require institutions of higher education (IHEs) to provide at least four hours of financial literacy counseling to each student borrower: (1) under the Federal Family Education Loan (FFEL) program, at or prior to their receipt of such loan; and (2) under the FFEL, Direct Loan, or Perkins Loans programs, during their enrollment at the IHE or when their studies end. Requires such counseling to include information on: (1) banking; (2) budgeting; (3) credit cards and ratings; (4) loans, grants, education tax credits, and scholarships; (5) renting and housing; and (6) investing. Directs the Secretary of Health and Human Services to encourage IHEs to perform these duties using interactive programs that test each borrower's understanding of the financial literacy information they receive.

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