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HR 2535 112th Congress House Education Financial literacy Government lending and loan guarantees Higher education Student aid and college costs Teaching, teachers, curricula

College LIFE Act

Introduced: July 14, 2011 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
Sep 8, 2011
Referred to the Subcommittee on Higher Education and Workforce Training.
Jul 14, 2011
Referred to the House Committee on Education and the Workforce.
Jul 14, 2011
Introduced in House
 Plain-English summary Congressional Research Service

College Literacy in Finance and Economics Act of 2011 or College LIFE Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require institutions of higher education (IHEs) to provide student borrowers under the Federal Family Education Loan, Direct Loan, and Perkins Loan programs with financial literacy counseling within 45 days of their first receipt of such a loan and prior to the completion of their studies or when they leave school.

Requires student borrowers to receive at least four hours of counseling on each occasion.

Makes such counseling requirements inapplicable to borrowers of consolidation loans.

Requires financial literacy counseling to include information on student financial aid, banking, budgeting and saving, credit and debt management, credit cards and products, investing, credit scores, housing, taxes, and responsible financial decision making.

Directs the Secretary of Education to develop a curriculum that IHEs may use to fulfill this Act's requirements.

What's happening now September 8, 2011

Referred to the Subcommittee on Higher Education and Workforce Training.

 Committees of jurisdiction 2
 Cosponsors 4
All 4 Democratic 4