H.R. 2535 · 112th Congress
College Literacy in Finance and Economics Act of 2011
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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Jackson LeeSponsor20 cosponsors · 19 D, 1 R
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Andrews
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Bass
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Conyers
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Cicilline
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Gutiérrez
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Hastings
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Hinojosa
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Higgins
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Hanabusa
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Johnson
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Kaptur
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Kildee
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Maloney
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Meeks
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Michaud
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Quigley
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Rangel
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Sires
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Tonko
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Young20 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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…
What it does: CRS summary · Introduced in House · Jul 14, 2011
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: College Literacy in Finance and Economics Act of 2011
Also known as: College LIFE Act
Latest action (Sep 8, 2011): Referred to the Subcommittee on Higher Education and Workforce Training.
Policy area: Education · Origin: House · Introduced: Jul 14, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.