Bill > H1444

This bill requires the Massachusetts Board of Higher Education to mandate that all public higher education institutions provide financial literacy counseling to students who have been accepted to their institutions. The counseling will focus specifically on student loans and other educational expenses. The board is also authorized to provide students with a comprehensive college financing plan developed jointly by the federal Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Education. These college financing plans will detail the estimated total cost of attendance, including specific categories like tuition, fees, housing, meals, books, supplies, transportation, and other education-related expenses. The plans will also outline available financial resources such as grants, scholarships, work-study programs, and loan options. Public institutions can provide these plans electronically in a printable format, and the Board of Higher Education is empowered to create regulations to implement this new requirement. The goal of this bill is to help incoming students better understand the financial implications of their higher education and make more informed decisions about financing their education.

Education

https://malegislature.gov/Bills/194/H1444