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Legislative Year: 2021 Change
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Bill Detail: HB21-1200

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Title Revise Student Financial Literacy Standards
Status House Committee on Education Refer Unamended to Appropriations (03/25/2021)
Bill Subjects
  • Education & School Finance (Pre & K-12)
House Sponsors J. Rich (R)
C. Kipp (D)
Senate Sponsors P. Lundeen (R)
J. Bridges (D)
House Committee Education
Senate Committee
Date Introduced 03/04/2021
Summary

The bill directs the state board of education (state board) to review,
during a recurring interval specified in the bill, standards relating to the
knowledge and skills that a student should acquire in school to ensure that
the financial literacy standards for ninth through twelfth grade include an
understanding of the costs associated with obtaining a postsecondary
degree or credential and how to budget for and manage the payment for
those costs, including managing student loan debt and accessing student
aid through completion of the free application for federal student aid

(FAFSA) and the Colorado application for state financial aid (CASFA);
understanding credit cards and credit card debt; understanding
homeownership and mortgages; and understanding retirement plans,
including investments and retirement benefits.
The bill adds to the resources contained in the existing financial
literacy resource bank created and maintained by the state board specific
references relating to assessing the affordability of higher education and
how to budget and pay for higher education, as well as how to manage
student loan debt; understanding the purpose of and how to access and
complete the FAFSA or CASFA; understanding credit cards and credit
card debt; understanding the home buying process, including home loans
and managing mortgage debt; and understanding retirement plans,
including investments and retirement benefits.
Under current law, school districts are encouraged to adopt a
financial literacy curriculum and to make completion of a course in
financial literacy a graduation requirement. The bill adds assessing the
affordability of higher education and how to budget and pay for higher
education, as well as how to manage student loan debt, to the suggested
financial literacy curriculum, as well as familiarizing students with the
process and required forms to apply for financial aid, grants, and
scholarships, including the FAFSA and CASFA.
Further, the bill requires school districts and charter schools, as
part of the process of establishing the individual career and academic plan
for a student in grades 9 through 12, to inform the student and the
student's parents of the importance of completing the FAFSA and
CASFA and to provide help in completing the forms, if requested.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (03/23/2021) (most recent)  
Additional Bill Documents Bill Documents
Including:
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  • Past fiscal notes
  • Committee activity and documents
  • Bill History
 
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