Like Countable?

Install the App

house Bill H.R. 1325

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

bill Progress

  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      Committee on Education and Labor
      Higher Education and Workforce Investment
    IntroducedMarch 5th, 2009

Bill Details

Official information provided by the Congressional Research Service. Learn more or make a suggestion.
The Congressional Research Service writes summaries for most legislation. These summaries are listed here. Countable will update some legislation with a revised summary, title or other key elements.

Suggest an update to this bill using our form.

Official Title

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


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.

    There are currently no opinions on this bill, be the first to add one!