In this subtitle the following words have the meanings indicated. “Governing entity” means: The President of the University of Maryland, College Park Campus; or The President of Morgan State University. “Participating institution of higher education” means the University of Maryland, College Park Campus and Morgan State University. “Pilot Program” means the Financial Well–Being Pilot Program. “Students who may benefit from financial coaching services” means students who: Are dealing with significant personal financial burdens or complex student loan debts; Are experiencing high levels of anxiety due to personal financial burdens; or Lack financial literacy knowledge or skills.

There is a Financial Well–Being Pilot Program at the University of Maryland, College Park Campus and Morgan State University. The purpose of the Pilot Program is to provide comprehensive financial guidance, support, and coaching to help students who may benefit from financial coaching services. The Pilot Program shall be administered at each participating institution of higher education jointly by the Commission and the governing entity of the participating institution.

On or before August 1, 2024, each participating institution of higher education shall hire one full–time financial well–being coach to provide personalized financial coaching services to students who may benefit from financial coaching services. Each participating institution of higher education shall create a system that allows the institution of higher education to identify enrolled and admitted students who may benefit from financial coaching services.

A financial well–being coach shall: Assist students in understanding the students’ personal financial needs and resources; Assist students in the process of making informed personal financial decisions; Share relevant financial literacy resources with students; and Assist students in managing personal financial obligations during college and after graduation; While providing the support services listed in item (1) of this subsection, focus on: The behavioral and emotional aspects of personal finances; and How a student can successfully achieve personal financial goals and establish healthy financial habits; Carry a caseload that is comparable to the caseload of an academic advisor at the participating institution of higher education; 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 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. A financial well–being coach may provide financial coaching services to students in the following settings: Group coaching sessions; Individual coaching sessions; and During the financial well–being coach’s drop–in advisory hours. When scheduling individual coaching sessions, a financial well–being coach shall prioritize students who: 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; 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 Lack financial skills and financial literacy education.

On or before June 1, 2025, each participating institution of higher education shall submit an interim report to the Commission on the status and effectiveness of the Pilot Program. On or before June 1, 2026, each participating institution of higher education shall submit a final report to the Commission on the status and effectiveness of the Pilot Program. On or before July 1, 2025, the Commission shall submit an interim report to each institution of higher education in the State, the Governor, and, in accordance with § 2–1257 of the State Government Article, the General Assembly on the operation of the Pilot Program. On or before July 1, 2026, the Commission shall submit a final report to each institution of higher education in the State, the Governor, and, in accordance with § 2–1257 of the State Government Article, the General Assembly on the operation and results of the Pilot Program.