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HD 1427

An Act relative to higher education financial literacy counseling

194th Legislature (2025-2026) Introduced by Kim Ferguson and 5 co-sponsors

Massachusetts public colleges must provide financial literacy counseling to accepted applicants on loans and costs, and may offer a college financing plan with cost estimates.

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Bill Summary · HD 1427

Summary: An Act relative to higher education financial literacy counseling (HD 1427)

Overview

This Massachusetts bill would require public higher education institutions to provide financial literacy counseling to accepted applicants regarding student loans and other education-related expenses. The Board of Higher Education would also be authorized to supply a college financing plan for these applicants, developed from guidance by the federal Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Education. The measure aims to improve transparency around cost of attendance and financing options for students entering public higher education.

Key Provisions

  • AddSection 46 to Chapter 15A of the General Laws.
  • The Board of Higher Education may mandate that each public higher education institution provide financial literacy counseling to accepted applicants about student loans and other campus expenses upon arrival on campus.
  • The Board may provide an official college financing plan for accepted applicants, drawn from CFPB and U.S. Department of Education guidance.
  • The college financing plan must cover:
    • Estimated cost of attendance: tuition and fees, housing and meals, books and supplies, transportation, and other education costs.
    • Financing options: grants and scholarships, work-study, and loan options.
  • Institutions may offer an electronic version of the college financing plan in a printable format.
  • The Board of Higher Education may promulgate regulations to implement these provisions.

Scope and Applicability

  • Applies to public higher education institutions in Massachusetts (e.g., state universities, community colleges, and UMass system).
  • Applies specifically to accepted applicants who enroll at those public institutions.
  • Counseling focuses on understanding loans and other costs associated with attendance and financing options.

Implementation and Timeline

  • The Board of Higher Education would have authority to mandate counseling and to provide the financing plan.
  • Regulations would be issued by the Board to carry out the purposes of this section.
  • The text does not specify a fixed start date beyond implementation once regulations are in place; counseling would occur “upon arriving on campus.”

Fiscal and Administrative Considerations

  • The legislation does not specify funding sources or appropriation for implementing counseling or distributing plans.
  • Administrative responsibilities would primarily fall to the Board of Higher Education and public institutions, with potential reliance on CFPB/ED guidance for the financing plan.

Legislative History (as provided)

  • Introduced in the 2025-2026 General Court as House Bill (HD) 1427, titled “An Act relative to higher education financial literacy counseling.”
  • Sponsored by Rep. Bradley H. Jones, Jr. (and a cohort of co-sponsors listed in the bill’s petition).
  • Noted as similar to prior work filed in 2023-2024 (House No. 1272).

Potential Impact

  • Improved financial literacy among incoming students.
  • Greater transparency on the true cost of attendance and financing choices.
  • Standardized access to a college financing plan across public Massachusetts institutions.
  • Possible administrative and regulatory changes at the Board of Higher Education level to implement the program.

Compiled from official sources — confirm details with the bill’s official record.

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