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Financial Literacy in Higher Education Act

Introduced: November 25, 2003 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 25, 2003
Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S16011-16013)
Nov 25, 2003
Sponsor introductory remarks on measure. (CR S16011)
Nov 25, 2003
Introduced in Senate
 Plain-English summary Congressional Research Service

Financial Literacy in Higher Education Act - Amends the Higher Education Act of 1965 (HEA) to direct the Secretary of Education, in carrying out HEA activities related to improving financial and economic literacy, education, and counseling, to emphasize, among other elements, basic personal income and household money management and financial planning skills, and basic economic decision making skills, including specified skills.

Directs the Secretary to coordinate such financial and economic literacy activities with related efforts of a Federal commission composed of members from specified Federal agencies.

Revises various HEA provisions relating to minority-serving institutions and to student assistance to include requirements for: (1) educational or counseling services to improve the financial and economic literacy of students and their parents; and (2) personal finance courses and skills.

Directs the Secretary to establish a HEA pilot program to enable institutions of higher education (IHEs) to provide annual personal finance counseling for their students. Requires: (1) award of a total of five grants to five different IHEs located in geographically different parts of the United States; and (2) at least two of such grantees to be minority-serving IHEs.

Directs the Comptroller General to evaluate and report to specified congressional committees on the range and effectiveness of financial and economic education and financial aid counseling activities of IHEs, lenders, servicers, and guaranty agencies as emphasized by the Secretary.

What's happening now November 25, 2003

Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S16011-16013)

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1