Financial Literacy to Financial Freedom Act
- Last Action
- 2/16/2017
Actions
- 2017-02-16Referred to the House Committee on Education and the Workforce.
- 2017-02-16Introduced in House
- 2017-02-16Introduced in House
CRS Summary
As of 2017-02-16 (00)
Financial Literacy to Financial Freedom Act
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to modify loan counseling requirements for an institution of higher education (IHE) that participates in federal student aid programs.
Currently, an IHE must provide one-time entrance counseling to a student who is a first-time Direct Loan (DL) program borrower. This bill allows an IHE to require any student DL program borrower to complete additional counseling on the terms, conditions, and responsibilities of a loan at or prior to its disbursement.
Additionally, it requires an IHE to ensure that student and parent DL program borrowers annually accept a loan affirmatively prior to the first disbursement of such loan.
Subjects
- Financial literacy
- Higher education
- Student aid and college costs
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.