HR 2535 · 112th Congress 2011–2013, ended

College LIFE Act

Introduced Jul 14, 2011 Originated House Sponsor Sheila Jackson Lee D-TX

Latest action · Sep 8, 2011 Referred to the Subcommittee on Higher Education and Workforce Training.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

IntroducedJul 14, 2011
Passed HouseNot reached
Passed SenateNot reached
To the PresidentNot reached
Became lawNot reached

Summary

College Literacy in Finance and Economics Act of 2011 or College LIFE Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require institutions of higher education (IHEs) to provide student borrowers under the Federal Family Education Loan, Direct Loan, and Perkins Loan programs with financial literacy counseling within 45 days of their first receipt of such a loan and prior to the completion of their studies or when they leave school.

Requires student borrowers to receive at least four hours of counseling on each occasion.

Makes such counseling requirements inapplicable to borrowers of consolidation loans.

Requires financial literacy counseling to include information on student financial aid, banking, budgeting and saving, credit and debt management, credit cards and products, investing, credit scores, housing, taxes, and responsible financial decision making.

Directs the Secretary of Education to develop a curriculum that IHEs may use to fulfill this Act's requirements.

Cosponsors 20

Members who signed on, in the order they did. All signed on Jul 14, 2011.

Seat	Cosponsor		Signed on
D-NJ	Albio Sires	Original	Jul 14, 2011
D-FL	Alcee L. Hastings	Original	Jul 14, 2011
D-NY	Brian Higgins	Original	Jul 14, 2011
R-FL	C. W. Bill Young	Original	Jul 14, 2011
D-NY	Carolyn B. Maloney	Original	Jul 14, 2011
D-NY	Charles B. Rangel	Original	Jul 14, 2011
D-HI	Colleen Hanabusa	Original	Jul 14, 2011
D-MI	Dale E. Kildee	Original	Jul 14, 2011
D-RI	David N. Cicilline	Original	Jul 14, 2011
D-TX	Eddie Bernice Johnson	Original	Jul 14, 2011
D-NY	Gregory W. Meeks	Original	Jul 14, 2011
D-MI	John Conyers, Jr.	Original	Jul 14, 2011
D-CA	Karen Bass	Original	Jul 14, 2011
D-IL	Luis V. Gutierrez	Original	Jul 14, 2011
D-OH	Marcy Kaptur	Original	Jul 14, 2011
D-ME	Michael H. Michaud	Original	Jul 14, 2011
D-IL	Mike Quigley	Original	Jul 14, 2011
D-NY	Paul Tonko	Original	Jul 14, 2011
D-NJ	Robert E. Andrews	Original	Jul 14, 2011
D-TX	Ruben Hinojosa	Original	Jul 14, 2011

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
House	Education and Workforce Committee	Referred Jul 14, 2011
	Higher Education and Workforce Development Subcommittee	Referred Sep 8, 2011

Actions 3

Everything that happened, newest first.

Sep 8, 2011Referred to the Subcommittee on Higher Education and Workforce Training.
Jul 14, 2011Introduced in House
Jul 14, 2011Referred to the House Committee on Education and the Workforce.

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Constitutional authority

Congress has the power to enact this legislation pursuant to the following: To the Commerce Clause of the U.S. Constitution.

The sponsor’s statement, as printed in the page H5086.

Related bills 1

Companion bills and other measures the record links to this one.

Bill	Title	Relationship	Latest action
S 1260	College LIFE Act	Related bill	Jun 23, 2011

Titles 3

Every title it has carried, official and short, at each stage.

Official Title as Introduced: To require financial literacy and economic education counseling for student borrowers, and for other purposes.
Short Titles as Introduced: College Literacy in Finance and Economics Act of 2011; College LIFE Act

Subjects

Assigned by the Library of Congress. Policy area: Education.

Text 1

Each version as it was printed, newest first.

Jul 14, 2011Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.