SB 20-184 Summary

• Requires the state board of education to include financial literacy standards for grades 9-12 covering costs of postsecondary degrees, budgeting for higher education, student loan types and repayment obligations, available loan management programs, and potential career earnings by field.

• Mandates inclusion of retirement planning standards covering long-term investments, tax-deferred accounts, pensions, and government retirement benefits in financial literacy standards.

• Adds resources to the financial literacy resource bank addressing affordability assessment of higher education, budgeting for postsecondary education, student loan management, credit card debt, and retirement planning.

• Requires school districts to include content on assessing affordability of postsecondary degrees, budgeting for different educational options, and familiarizing students with financial aid application processes and available federal/state programs for managing student loan debt.

• Takes effect August 5, 2020, subject to voter approval if a referendum petition is filed within 90 days after legislative adjournment.