H.R. 1325 · 111th Congress
To require financial literacy counseling for borrowers, and for other purposes.
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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Jackson LeeSponsor15 cosponsors · 15 D
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Brown
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Cleaver
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Edwards
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Ellison
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Fudge
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Kaptur
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Kosmas
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Lee
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Meeks
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Pascrell
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Watson
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Rush
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Conyers
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Honda
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Clarke11 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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…
What it does: CRS summary · Introduced in House · Mar 5, 2009
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To require financial literacy counseling for borrowers, and for other purposes.
Latest action (Apr 29, 2009): Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.
Policy area: Education · Origin: House · Introduced: Mar 5, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.