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<section article="ged" article_name="Education" number="11-1804" effective_note="EFFECTIVE UNTIL JULY 31, 2027 PER CHAPTER 342 OF 2024" title_number="11" title_name="Maryland Higher Education Commission" subtitle_number="18" subtitle_name="Financial Well-Being Pilot Program">
  <level label="a">
    <text>A financial well–being coach shall:</text>
    <level label="1">
      <level label="i">
        <text>Assist students in understanding the students’ personal financial needs and resources;</text>
      </level>
      <level label="ii">
        <text>Assist students in the process of making informed personal financial decisions;</text>
      </level>
      <level label="iii">
        <text>Share relevant financial literacy resources with students; and</text>
      </level>
      <level label="iv">
        <text>Assist students in managing personal financial obligations during college and after graduation;</text>
      </level>
    </level>
    <level label="2">
      <text>While providing the support services listed in item (1) of this subsection, focus on:</text>
      <level label="i">
        <text>The behavioral and emotional aspects of personal finances; and</text>
      </level>
      <level label="ii">
        <text>How a student can successfully achieve personal financial goals and establish healthy financial habits;</text>
      </level>
    </level>
    <level label="3">
      <text>Carry a caseload that is comparable to the caseload of an academic advisor at the participating institution of higher education;</text>
    </level>
    <level label="4">
      <text>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</text>
    </level>
    <level label="5">
      <text>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.</text>
    </level>
  </level>
  <level label="b">
    <level label="1">
      <text>A financial well–being coach may provide financial coaching services to students in the following settings:</text>
      <level label="i">
        <text>Group coaching sessions;</text>
      </level>
      <level label="ii">
        <text>Individual coaching sessions; and</text>
      </level>
      <level label="iii">
        <text>During the financial well–being coach’s drop–in advisory hours.</text>
      </level>
    </level>
    <level label="2">
      <text>When scheduling individual coaching sessions, a financial well–being coach shall prioritize students who:</text>
      <level label="i">
        <text>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;</text>
      </level>
      <level label="ii">
        <text>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</text>
      </level>
      <level label="iii">
        <text>Lack financial skills and financial literacy education.</text>
      </level>
    </level>
  </level>
</section>
