BILL REQ. #:  S-3692.1 

Read first time 01/11/12.   Referred to Committee on Higher Education & Workforce Development.

     AN ACT Relating to financial aid counseling; and adding a new section to chapter 28B.76 RCW.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION.  Sec. 1   A new section is added to chapter 28B.76 RCW to read as follows:
     (1) The office must provide a financial aid counseling curriculum to institutions of higher education with state need grant recipients. The curriculum must be available electronically. The curriculum must include, but not be limited to:
     (a) An explanation of the state need grant program rules, including maintaining satisfactory progress, repayment rules, and usage limits;
     (b) Information on campus and private scholarships and work-study opportunities, including the application processes;
     (c) An overview of student loan options with an emphasis on the repayment obligations a student borrower assumes regardless of program completion, including the likely consequences of default and sample monthly repayment amounts based on a range of student levels of indebtedness;
     (d) An overview of financial literacy, including basic money management skills such as living within a budget and handling credit and debt;
     (e) Average salaries for a wide range of jobs;
     (f) Perspectives from a diverse group of students who are or were recipients of financial aid, including student loans; and
     (g) Contact information for local financial aid resources and the federal student aid ombudsman's office.
     (2) By the 2013-14 academic year, all students who receive state need grants under chapter 28B.92 RCW must participate in financial aid counseling before receiving their first disbursement. The institution of higher education must take reasonable steps to ensure that each state need grant recipient participates in and completes the counseling.
     (3) By July 1, 2013, the office must disseminate the curriculum to all institutions of higher education participating in the state need grant program. The institutions of higher education may require nonstate need grant recipients to participate in all or portions of the financial aid counseling.