Bill Text: IA SF278 | 2019-2020 | 88th General Assembly | Introduced
Bill Title: A bill for an act requiring community colleges and institutions of higher learning governed by the state board of regents to offer to certain students financial literacy programs designed to reduce student loan debt.
Spectrum: Partisan Bill (Democrat 9-0)
Status: (Introduced - Dead) 2019-02-25 - Subcommittee recommends indefinite postponement. [SF278 Detail]
Download: Iowa-2019-SF278-Introduced.html
Senate
File
278
-
Introduced
SENATE
FILE
278
BY
PETERSEN
,
BOLKCOM
,
QUIRMBACH
,
CELSI
,
T.
TAYLOR
,
R.
TAYLOR
,
WAHLS
,
J.
SMITH
,
and
MATHIS
A
BILL
FOR
An
Act
requiring
community
colleges
and
institutions
of
higher
1
learning
governed
by
the
state
board
of
regents
to
offer
to
2
certain
students
financial
literacy
programs
designed
to
3
reduce
student
loan
debt.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
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Section
1.
Section
260C.14,
Code
2019,
is
amended
by
adding
1
the
following
new
subsection:
2
NEW
SUBSECTION
.
25.
Develop
and
offer
to
any
student
who
3
obtains
an
educational
loan
under
Tit.
IV
of
the
federal
Higher
4
Education
Act
of
1965,
as
amended,
or
any
private
educational
5
loan,
a
financial
literacy
program
that
is
free
to
the
student
6
and
meets
the
unique
needs
of
the
student.
The
program
shall
7
include
but
not
be
limited
to
a
review
of
each
student’s
8
spending
habits,
borrowing
history,
financial
aid
package,
and
9
projected
repayment
of
the
student’s
total
educational
loan
10
amount;
classroom
activities
and
discussions
of
budgeting,
11
investing,
credit,
and
identity
protection;
private
loan
12
counseling;
counseling
specific
to
transfer
students;
and
grant
13
counseling.
Each
community
college
financial
aid
office
shall
14
work
to
establish
a
campus-wide
culture
of
financial
literacy.
15
Sec.
2.
Section
262.9,
Code
2019,
is
amended
by
adding
the
16
following
new
subsection:
17
NEW
SUBSECTION
.
39.
Require
each
institution
of
higher
18
learning
governed
by
the
board
to
develop
and
offer
to
any
19
student
enrolled
in
the
institution
who
obtains
an
educational
20
loan
under
Tit.
IV
of
the
federal
Higher
Education
Act
of
21
1965,
as
amended,
or
any
private
educational
loan,
a
financial
22
literacy
program
that
is
free
to
the
student
and
meets
the
23
unique
needs
of
the
student.
The
program
shall
include
but
24
not
be
limited
to
a
review
of
each
student’s
spending
habits,
25
borrowing
history,
financial
aid
package,
and
projected
26
repayment
of
the
student’s
total
educational
loan
amount;
27
classroom
activities
and
discussions
of
budgeting,
investing,
28
credit,
and
identity
protection;
private
loan
counseling;
29
counseling
specific
to
transfer
students;
and
grant
counseling.
30
Each
institution’s
financial
aid
office
shall
work
to
establish
31
a
campus-wide
culture
of
financial
literacy.
32
Sec.
3.
STATE
MANDATE
FUNDING
SPECIFIED.
In
accordance
33
with
section
25B.2,
subsection
3,
the
state
cost
of
requiring
34
compliance
with
any
state
mandate
included
in
this
Act
shall
35
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be
moneys
appropriated
for
general
state
financial
aid
to
1
merged
areas
and
any
other
state
and
federal
moneys
received
2
for
administration
or
student
support,
which
shall
be
deemed
3
to
meet
all
the
state
funding-related
requirements
of
section
4
25B.2,
subsection
3,
and
no
specific
state
funding
shall
5
be
necessary
for
the
full
implementation
of
this
Act
by
6
and
enforcement
of
this
Act
against
all
affected
political
7
subdivisions.
8
EXPLANATION
9
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
10
the
explanation’s
substance
by
the
members
of
the
general
assembly.
11
This
bill
directs
the
boards
of
directors
of
community
12
colleges
and
the
state
board
of
regents
to
require
the
13
institutions
governed
by
the
boards
to
develop
and
offer
a
14
financial
literacy
program
to
any
student
who
obtains
an
15
educational
loan.
16
The
program
must
be
free
to
the
student
and
meet
the
unique
17
needs
of
the
student,
and
must
include
but
not
be
limited
18
to
a
review
of
the
student’s
spending
habits,
borrowing
19
history,
financial
aid
package,
and
projected
repayment
of
the
20
student’s
total
educational
loan
amount;
classroom
activities
21
and
discussions
of
budgeting,
investing,
credit,
and
identity
22
protection;
private
loan
counseling;
counseling
specific
to
23
transfer
students;
and
grant
counseling.
Each
institution’s
24
financial
aid
office
shall
work
to
establish
a
campus-wide
25
culture
of
financial
literacy.
26
The
bill
may
include
a
state
mandate
as
defined
in
Code
27
section
25B.3.
The
bill
provides
that
the
state
cost
of
28
requiring
compliance
with
any
state
mandate
included
in
29
the
bill
shall
be
moneys
appropriated
for
general
state
30
financial
aid
to
merged
areas
and
any
other
state
and
federal
31
moneys
received
for
administration
or
student
support.
The
32
specification
is
deemed
to
constitute
state
compliance
with
33
any
state
mandate
funding-related
requirements
of
Code
section
34
25B.2.
The
inclusion
of
this
specification
is
intended
to
35
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