Bill > H4652

This bill amends Massachusetts state law to give the Board of Higher Education the discretionary authority to require colleges and universities to provide financial literacy counseling to newly accepted students, specifically focusing on student loans and campus-related expenses. The bill authorizes the board to provide students with a standardized College Financing Plan, developed collaboratively by the Federal Consumer Financial Protection Bureau and the U.S. Department of Education, which would comprehensively outline the estimated costs of attending college. This plan must include detailed financial information such as tuition and fees, housing and meal costs, book and supply expenses, transportation costs, and other educational expenses, as well as information about available grants, scholarships, work-study programs, and loan options. Institutions of higher education would be permitted to share this plan electronically in a printable format, and the Board of Higher Education would have the power to create regulations to implement this new requirement. The overall goal appears to be improving students' understanding of the financial commitments associated with pursuing higher education.

Budget and Finance

Joint Committee on Higher Education (Joint)

https://malegislature.gov/Bills/194/H4652