Empowering Students Through Enhanced Financial Counseling Act

Bill 114 hr 3179, also known as the Empowering Students Through Enhanced Financial Counseling Act, aims to improve financial literacy among college students by requiring institutions of higher education that participate in federal student aid programs to provide enhanced financial counseling to students who receive federal student loans or Pell Grants.

The bill requires that this enhanced financial counseling be provided annually to students, and covers topics such as budgeting, loan repayment options, and the consequences of defaulting on student loans. The goal of this counseling is to help students make informed decisions about their finances and better understand the implications of taking on student loan debt.

Additionally, the bill requires the Department of Education to develop and distribute a standardized tool that institutions can use to provide this enhanced financial counseling. This tool will help ensure that students receive consistent and accurate information about their financial options. Overall, the Empowering Students Through Enhanced Financial Counseling Act seeks to empower students to make sound financial decisions while pursuing higher education, ultimately helping to reduce student loan debt and improve financial outcomes for college graduates.