Louisiana Bill Aims to Boost Financial Literacy in High Schools

Baton Rouge, Louisiana – A new bill aiming to enhance financial literacy for high school students in Louisiana is advancing in the state legislature. House Bill 52, introduced by Rep. Matthew Willard, D-New Orleans, has received unanimous support from the House Education Committee.

The proposed legislation seeks to expand the state-mandated financial literacy courses to include crucial information about financial aid options for college and technical education. This includes guidance on scholarships, grants, and student loans.

“Knowledge is power,” Willard said during the committee meeting. “We want our students and their families to know that there are opportunities for them to attend college or to earn a trade certificate. Postsecondary education is more attainable than many think — they just need the information.”

Currently, all students in Louisiana must complete a financial literacy course to graduate, which covers topics such as budgeting and credit. However, the new bill would add comprehensive education about the financial aid process, a response to a noticeable decline in the completion rates of the Free Application for Federal Student Aid (FAFSA) in the state.

Willard indicated the issue is pressing, as Louisiana had once ranked among the top states for FAFSA submissions but has since fallen to 28th after a policy change eliminated the requirement for students to file FAFSA. “While FAFSA applications increased across the country, we did the opposite,” he noted.

The initiative was inspired by the New Orleans College and Career Attainment Network, which highlighted a successful model existing in Florida. Willard emphasized that the financial aid education would not only benefit traditional college-bound students but also those interested in community colleges or vocational training.

The bill will now advance to the full House for further consideration.