[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 781 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 781

 To improve knowledge about the best practices for teaching financial 
                   literacy, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 18, 2015

Mr. Donnelly (for himself and Mr. Scott) introduced the following bill; 
     which was read twice and referred to the Committee on Health, 
                     Education, Labor, and Pensions

_______________________________________________________________________

                                 A BILL


 
 To improve knowledge about the best practices for teaching financial 
                   literacy, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Empowering Student Borrowers Act''.

SEC. 2. BEST PRACTICES FOR TEACHING FINANCIAL LITERACY.

    Part C of title I of the Higher Education Act of 1965 (20 U.S.C. 
1015 et seq.) is amended by adding at the end the following:

``SEC. 138. BEST PRACTICES FOR TEACHING FINANCIAL LITERACY.

    ``(a) Best Practices.--
            ``(1) In general.--After soliciting public comments and 
        consulting with and receiving input from relevant parties, 
        including a diverse set of institutions of higher education and 
        other parties, the Secretary shall, by not later than 1 year 
        after the date of enactment of the Empowering Student Borrowers 
        Act, establish best practices for institutions of higher 
        education regarding methods to--
                    ``(A) teach financial literacy skills; and
                    ``(B) provide useful and necessary information to 
                assist students at the institutions of higher education 
                when making financial decisions related to student 
                borrowing.
            ``(2) Best practices.--The best practices described in 
        paragraph (1) shall include the following:
                    ``(A) Methods to ensure that students have a clear 
                sense of the students' total borrowing obligations, 
                including monthly payments, and repayment options.
                    ``(B) The most effective ways to engage students in 
                financial literacy education, including frequency and 
                timing of communication with students.
                    ``(C) Information on how to target different 
                student populations, including part-time students, 
                first-time students, and other nontraditional students.
                    ``(D) Ways to clearly communicate the importance of 
                graduating on a student's ability to repay student 
                loans.
    ``(b) Maintenance of Best Practices.--The Secretary shall maintain 
and periodically update the best practices information required under 
subsection (a) and make the best practices available to the public.''.
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