1. (a) A financial well-being coach shall:

   1. (1)

      1. (i) Assist students in understanding the students' personal financial needs and resources;
      2. (ii) Assist students in the process of making informed personal financial decisions;
      3. (iii) Share relevant financial literacy resources with students; and
      4. (iv) Assist students in managing personal financial obligations during college and after graduation;

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

      1. (i) The behavioral and emotional aspects of personal finances; and
      2. (ii) How a student can successfully achieve personal financial goals and establish healthy financial habits;
   3. (3) Carry a caseload that is comparable to the caseload of an academic advisor at the participating institution of higher education;
   4. (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. (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.

2. (b)

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

      1. (i) Group coaching sessions;
      2. (ii) Individual coaching sessions; and
      3. (iii) During the financial well-being coach's drop-in advisory hours.

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

      1. (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;
      2. (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
      3. (iii) Lack financial skills and financial literacy education.

Added by Acts 2024, c. 342, § 1, eff. July 1, 2024.