§11–1804.

§11–1804. IN EFFECT

// EFFECTIVE UNTIL JULY 31, 2027 PER CHAPTER 342 OF 2024 //

(a) A financial well–being coach shall:

(1) (i) Assist students in understanding the students’ personal financial needs and resources;

(ii) Assist students in the process of making informed personal financial decisions;

(iii) Share relevant financial literacy resources with students; and

(iv) Assist students in managing personal financial obligations during college and after graduation;

(2) While providing the support services listed in item (1) of this subsection, focus on:

(i) The behavioral and emotional aspects of personal finances; and

(ii) How a student can successfully achieve personal financial goals and establish healthy financial habits;

(3) Carry a caseload that is comparable to the caseload of an academic advisor at the participating institution of higher education;

(4) Survey each student before the student begins financial coaching services and after the student completes financial coaching services and evaluate the effectiveness of the financial coaching services; and

(5) At the end of the Pilot Program, create a document with best practices, processes, and guidance that other institutions of higher education can use to create a financial well–being coaching program.

(b) (1) A financial well–being coach may provide financial coaching services to students in the following settings:

(i) Group coaching sessions;

(ii) Individual coaching sessions; and

(iii) During the financial well–being coach’s drop–in advisory hours.

(2) When scheduling individual coaching sessions, a financial well–being coach shall prioritize students who:

(i) Most likely will have a debt to potential future income ratio that will lead to a monthly loan payment greater than 10% of the student’s projected future income;

(ii) Have an annual household income that is at or below 185% of the federal poverty level as determined annually by the U.S. Department of Health and Human Services; or

(iii) Lack financial skills and financial literacy education.