College Literacy in Finance and Economics (College LIFE) Act - Amends the Higher Education Act of 1965 (HEA) to direct the Secretary of Education (Secretary), in carrying out HEA activities related to improving financial and economic literacy, education, and counseling, to emphasize, among other elements, basic personal income and household money management and financial planning skills, and basic economic decision making skills, including specified skills.
Directs the Secretary to coordinate such financial and economic literacy activities with related efforts of a Federal commission composed of members from specified Federal agencies.
Revises various HEA provisions relating to minority-serving institutions and to student assistance to include requirements for: (1) educational or counseling services to improve the financial and economic literacy of students and their parents; and (2) personal finance courses and skills.
Directs the Secretary to establish a HEA pilot program to enable institutions of higher education (IHEs) to provide annual personal finance counseling for their students. Requires: (1) award of a total of five grants to five different IHEs located in geographically different parts of the United States; and (2) at least two of such grantees to be minority-serving IHEs.
Directs the Secretary to make competitive grants, to IHEs or other eligible entities, under new programs for: (1) developing or sponsoring experimental, innovative delivery systems for financial literacy; (2) creating or sharing personal finance courses (with priority given to eligible entities that ban or discourage credit card proliferation and abusive credit marketing practices on campus); (3) studying and making recommendations on best ways to integrate personal finance and economics into basic educational subjects; and (4) training in economics and personal finance instruction or advising for elementary and secondary school teachers or secondary school counselors.
Directs the Comptroller General to evaluate and report to specified congressional committees on the range and effectiveness of financial and economic education and financial aid counseling activities of IHEs, lenders, servicers, and guaranty agencies as emphasized by the Secretary.