The Ohio House of Representatives today passed legislation aimed at increasing opportunities for Ohio’s youth to become more educated and better informed about financial literacy.

Jointly sponsored by State Representatives Christina Hagan (R-Alliance) and Robert McColley (R-Napoleon), House Bill 383 requires the Chancellor of Higher Education to prepare an “informed student document” for state colleges and universities to provide to students. The document would include information on academics, costs of attendance, student success rates and admission data. The document is also required to include a list of state institutions of higher education and either a listing of, or internet link to a website listing of, all majors offered by the institutions.

“Investing in our students' educational outcomes is an investment in the future of our state,” Rep. Hagan said. “I am proud and honored to have authored and led on the Financial Literacy and Informed Student Document Act. In a nation drowning in debt we owe our students the intellectual tools to be able to plan for the future and respond both competently and confidently to life events that affect everyday life decisions in our ever changing economy.”

The bill also takes further steps in educating students about their finances by requiring high schools to provide one-half unit of instruction on financial literacy. This allows students to have more tools to navigate financial decisions and to learn more about credit, debt and investments.

“It is becoming more and more difficult for students entering college to fully understand the implications of financing their education,” Rep. McColley said. “Ensuring that they are fully prepared for the responsibility of real-world finances is crucial for their future success and also for Ohio’s economic outlook.”

The bill passed with bipartisan support and will now go to the Senate for further consideration.

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