§ 11–1804
Statutes in effect as of October 1, 2026.
Md. Code Ann., Educ. § 11-1804 (2026)
Title 11. Maryland Higher Education Commission
Subtitle 18. Financial Well-Being Pilot Program
§ 11–1804LinkCopy Citation
(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.