SECTION 1. Chapter 15A of the General Laws, as appearing in the 2016 Official Edition, is hereby amended by adding at the end thereof the following new section:-

Section 45. The board of higher education shall have the authority to mandate that each public higher education institution provide financial literacy counseling to accepted applicants of the institution relative to student loans and other expenses to students upon arriving on campus. The Board is further authorized to provide a financial aid shopping sheet developed by the federal Consumer Financial Protection Bureau and the United States Department of Education under 20 USC 1001 et. seq. to said accepted applicants of the institution. The financial aid shopping sheet shall include estimated cost of attendance including tuition and fees, housing and meals, books and supplies, transportation and other education costs as well as grants and scholarships and work-study and loan options. The public institution of higher education may provide an electronic version of the financial aid information shopping sheet in a printable format. The board of higher education may promulgate regulations to carry out the purposes of this section.