Financial Literacy Graduation Requirement

Beginning with the 2027-28 school year, the act requires each individual career and academic plan (ICAP) to include a requirement that, during the student's graduation year, the student has exposure to federal financial aid eligibility tools and net price calculators and practices filling out a free application for federal student aid or the Colorado application for state financial aid, unless the student or student's parent or legal guardian affirmatively declines to practice filling out the application or authorized school personnel determines it is not feasible for the student to practice filling out an application.

The act requires each school district board of education to incorporate all the financial literacy standards into a course that is required for high school graduation. The act authorizes the department of education (department) to seek, accept, and expend gifts, grants, or donations for the purpose of supporting educators in implementing a financial literacy course.

For the 2025-26 state fiscal year, the act appropriates $210,389 to the department for distribution to school districts to support implementation of a financial literacy course and the ICAP requirement. The act requires the department to distribute money to school districts that do not currently offer a course based on a formula determined by the department, which may include determining eligibility based on attestations from school districts.

For the 2025-26 state fiscal year, the act appropriates $9,611 to the department of higher education for use by the Colorado commission on higher education and higher education special purpose programs for administration.

(Note: This summary applies to this bill as enacted.)