Another of Sen. Barbara Bailey’s efforts to increase transparency for college students was endorsed by the governor today when he signed Senate Bill 5100. The new law, which takes effect July 22, will direct colleges and universities to make financial-education workshops available to students by the 2017-18 school year.
“Understanding higher education financing is critical for students,” said Bailey, R-Oak Harbor, former chair of the Senate Higher Education Committee. “I led efforts to address the student-debt crisis in our state by fighting to cut and cap skyrocketing tuition. This bill is another tool to help students understand their commitments when paying for college.”
The seminars would be required to include:
- an explanation of Student Need Grant program rules;
- information on scholarships and work-study options;
- an overview of student-loan options and consequences;
- an overview of financial literacy;
- average salaries for a range of jobs;
- perspectives from students who are or were recipients of financial aid, including loans; and
- contact information for local financial-aid resources and the Federal Student Aid Ombudsman’s Office.
“This Legislation is a good step in making more financial education resources available to college students,” said Washington State Treasurer Duane Davidson. “Increasing financial literacy is important for people of all ages and this is a priority issue for the State Treasurer’s Office. We congratulate Senator Bailey and all others involved in passing SB-5100.”
“These workshops will help students better understand their educational and financial choices,” Bailey added.