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HR 1325 111th Congress House Education Financial literacy Government lending and loan guarantees Higher education Student aid and college costs

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

Introduced: March 5, 2009 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
Apr 29, 2009
Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.
Mar 5, 2009
Referred to the House Committee on Education and Labor.
Mar 5, 2009
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now April 29, 2009

Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.

 Committees of jurisdiction 2
 Cosponsors 4
All 4 Democratic 4