SECTION 1. Chapter 15A of the General Laws, as appearing in the 2020 Official Edition, is hereby amended by adding the following new section:-

Section 46. The board of higher education shall have, within its discretion, the authority to request that any institution of higher education 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 College Financing Plan developed by the Federal Consumer Financial Protection Bureau and the United States Department of Education to said accepted applicants of any institution of higher education. The College Financing Plan shall include the estimated cost of attendance including; tuition and fees, housing and meals, books and supplies, transportation, other education costs as well as grants and scholarships, work-study, and loan options. The institution of higher education may provide an electronic version of the College Financing Plan in a printable format. The board of higher education may promulgate regulations to carry out the purposes of this section.