Senate Bill 2344

AN ACT TO DECLARE LEGISLATIVE FINDINGS; TO REQUIRE STUDENTS AT STATE INSTITUTIONS OF HIGHER LEARNING, COMMUNITY COLLEGES AND JUNIOR COLLEGES TO COMPLETE A FINANCIAL LITERACY COURSE AS A CONDITION OF GRADUATION; TO OUTLINE MINIMUM REQUIREMENTS FOR SUCH FINANCIAL LITERACY COURSE; TO PROVIDE GUIDELINES FOR IMPLEMENTATION FOR INSTITUTIONS AND COLLEGES; TO GRANT THE BOARD OF TRUSTEES OF THE STATE INSTITUTIONS OF HIGHER LEARNING AND THE MISSISSIPPI COMMUNITY COLLEGE BOARD AUTHORITY TO PROMULGATE RULES AND REGULATIONS NECESSARY FOR IMPLEMENTATION; TO GIVE THE BOARD OF TRUSTEES OF THE STATE INSTITUTIONS OF HIGHER LEARNING AND THE MISSISSIPPI COMMUNITY COLLEGE BOARD THE AUTHORITY TO ESTABLISH MINIMUM LEARNING OUTCOMES AND COMPETENCY STANDARDS; TO ALLOW THE BOARDS TO COORDINATE; TO CREATE COMPLIANCE PROCEDURES; TO PROVIDE FOR HIGH SCHOOL FINANCIAL LITERACY COURSES; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) The Legislature finds that:

(a) Students enrolled in Mississippi's public postsecondary institutions increasingly incur debt, enter binding financial contracts and make consequential financial decisions while pursuing a credential or degree;

(b) Insufficient financial literacy contributes to student loan default, financial hardship, delayed completion and reduced workforce readiness;

(c) Providing structured, practical financial literacy instruction at the postsecondary level promotes student success and long-term economic stability.

Therefore, the purpose of this act is to create a minimum requirement of financial literacy competency for students enrolled in Mississippi's state institutions of higher learning and community colleges.

(2) Beginning with the student cohort entering institutions in the fall of 2027, each state institution of higher learning governed by the Board of Trustees of State Institutions of Higher Learning and each community or junior college governed by the Mississippi Community College Board shall require completion of a postsecondary financial literacy course or equivalent competency program as a condition of graduation, certificate completion or credential attainment, as applicable.

(3) The required course or competency program shall:

(a) Be at least one (1) credit hour or equivalent, or be delivered through a competency-based or pass/fail format approved by the applicable governing board;

(b) Emphasize practical, real-world financial decision-making, including, but not limited to:

(i) Personal budgeting and cash-flow management;

(ii) Credit, debt and credit scores;

(iii) Student loans, financial aid and repayment options;

(iv) Basic tax obligations and filing requirements;

(v) Insurance and risk management;

(vi) Saving, investing and retirement planning;

(vii) Consumer protection, contracts and fraud prevention; and

(viii) Evaluation of employment offers, wages and benefits;

(c) Include applied learning components demonstrating financial competency through simulations, individualized financial planning or comparable exercises; and

(d) Be free from commercial endorsements, product promotion or commissioned financial services.

(4) Each institution may:

(a) Determine the method of delivery, including in-person, online, hybrid, modular or embedded instructional models;

(b) Permit students to satisfy the requirement through an approved examination, prior coursework or demonstrated competency, as established by institutional policy and governing board guidelines; and

(c) Integrate the requirement into existing coursework, orientation programs, workforce credential pathways or degree plans, provided the minimum competencies are met.

(5) The Board of Trustees of State Institutions of Higher Learning and the Mississippi Community College Board may promulgate rules and regulations necessary to implement this section within their respective systems.

(6) (a) The Board of Trustees of State Institutions of Higher Learning shall establish minimum learning outcomes and competency standards applicable to institutions within the board's purview.

(b) The Mississippi Community College Board shall establish minimum learning outcomes and competency standards applicable to community and junior colleges.

(c) The two (2) boards may coordinate to ensure alignment and portability where appropriate, while preserving differences in institutional missions.

(7) Compliance with this act shall be documented through existing academic program review or reporting processes of each governing board. No additional standalone reporting requirement is created by this act.

(8) Completion of a high school financial literacy course shall not automatically satisfy the requirements of this section. Such courses shall only satisfy the requirements of this section upon a determination that the coursework meets postsecondary competency standards by the applicable institution or community college.

SECTION 2. This act shall take effect and be in force from and after July 1, 2026.