The bill amends Chapter 15A of the General Laws to introduce a new section that grants the board of higher education the authority to request financial literacy counseling from institutions of higher education for accepted applicants. This counseling will focus on student loans and other expenses that students may encounter upon arriving on campus. Additionally, the board is authorized to provide a College Financing Plan, developed by the Federal Consumer Financial Protection Bureau and the United States Department of Education, to these accepted applicants.

The College Financing Plan will detail the estimated cost of attendance, including tuition and fees, housing and meals, books and supplies, transportation, and other educational costs, as well as information on grants, scholarships, work-study, and loan options. Institutions may offer this plan in an electronic format that is printable. Furthermore, the board of higher education is empowered to create regulations to implement the provisions of this new section effectively.