Maryland § 11-1804 - IN EFFECT

§ 11-1804. IN EFFECT

    IN EFFECT

    // EFFECTIVE UNTIL JULY 31, 2027 PER CHAPTER 342 OF 2024 //

    (a)    A financial well–being coach shall:

        (1)    (i)    Assist students in understanding the students’ personal financial needs and resources;

            (ii)    Assist students in the process of making informed personal financial decisions;

            (iii)    Share relevant financial literacy resources with students; and

            (iv)    Assist students in managing personal financial obligations during college and after graduation;

        (2)    While providing the support services listed in item (1) of this subsection, focus on:

            (i)    The behavioral and emotional aspects of personal finances; and

            (ii)    How a student can successfully achieve personal financial goals and establish healthy financial habits;

        (3)    Carry a caseload that is comparable to the caseload of an academic advisor at the participating institution of higher education;

        (4)    Survey each student before the student begins financial coaching services and after the student completes financial coaching services and evaluate the effectiveness of the financial coaching services; and

        (5)    At the end of the Pilot Program, create a document with best practices, processes, and guidance that other institutions of higher education can use to create a financial well–being coaching program.

    (b)    (1)    A financial well–being coach may provide financial coaching services to students in the following settings:

            (i)    Group coaching sessions;

            (ii)    Individual coaching sessions; and

            (iii)    During the financial well–being coach’s drop–in advisory hours.

        (2)    When scheduling individual coaching sessions, a financial well–being coach shall prioritize students who:

            (i)    Most likely will have a debt to potential future income ratio that will lead to a monthly loan payment greater than 10% of the student’s projected future income;

            (ii)    Have an annual household income that is at or below 185% of the federal poverty level as determined annually by the U.S. Department of Health and Human Services; or

            (iii)    Lack financial skills and financial literacy education.