HB21-1200 Summary

• Establishes comprehensive financial literacy standards for grades 9-12 covering postsecondary education costs, student loans, FAFSA and CASFA applications, credit card debt management, homeownership and mortgages, and retirement planning.

• Requires the state board of education to include instruction on assessing affordability of and budgeting for postsecondary degrees, types of student loan programs, FAFSA/CASFA completion processes, student loan repayment obligations, and available debt management programs.

• Updates definitions of "financial literacy" across state statute to include understanding FAFSA and CASFA forms, postsecondary education planning, home buying processes, and retirement savings options.

• Requires school districts to include financial aid planning content in mathematics and economics textbooks, and mandates that individual career and academic plans inform students about the importance of completing FAFSA or CASFA and provide assistance if requested.

• Appropriates $4,888 to the department of education for the 2021-22 fiscal year (0.1 FTE) to hire content specialists to implement the new standards.