To direct the Secretary of Education to establish a personal finance education portal on a centralized website of the Department of Education pertaining to Federal financial aid.
About This Bill
Committee
Latest Action · July 8, 2024
Referred to the House Committee on Education and the Workforce.
The Financial Fitness Act directs the Secretary of Education to create a free online education portal within three years to help federal student loan borrowers and financial aid recipients understand personal finance topics. The portal will cover core concepts like budgeting, saving, investing, and retirement planning, with specific focus on managing student loan repayment, understanding different loan options, and accessing employer benefits and tax credits related to education debt. The bill targets millions of Americans struggling with over $1.7 trillion in outstanding student loans, with particular attention to disparities affecting Black, Hispanic, Latino, Native American, and first-generation college students who face higher default rates. The Department of Education will work with the Consumer Financial Protection Bureau, Treasury Department, and IRS to develop the content in interactive formats including text and videos, and will review usage data every three years. The legislation authorizes $5 million in funding for fiscal years 2024 through 2027 to establish and maintain the portal.
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