[Wsssc] Senate Bill 5100 Implementation

[Joe Holliday]

Colleagues: The legislature passed Senate Bill 5100 in its most recent session, with an effective date of July 23rd. I've attached the final version. The section that applies to colleges and universities, including all of our community and technical colleges, is sub-section 4, which states in part that "each institution...must take reasonable steps to ensure that [it] presents, and each incoming student participates in, a financial education workshop. ....The institutions are encouraged to present these workshops during student orientation or as early as possible in the academic year."

WSAC has a financial education tool (Ready, Set, Grad) that - if updated per the bill's requirements -- might help colleges meet their institutional requirements.  Ruben Flores in our office is checking with Becky Thompson at WSAC on that.

The Legislature actually funded our fiscal note on this bill, which means that we will be able to distribute ongoing funds to each college for purposes of meeting the requirement. Funds will be distributed this summer based on student enrollment (DEAB). Allocations will range from $10,995 (high end) to  $2,076 (low end). Funds can be used to offset your expenses for programs like SALT or other personal finance tools. If you already have an onboarding component that meets this requirement, funds could be used to support that.

Although there is no reporting requirement in the enacted bill, please be prepared to update us before the next legislative session in case it schedules a work session for this in December or January.

I will ask Ruben Flores to distribute this info to ARC and FAC. Please let me know if there are other councils or groups you want me to send it to (for example, ACC).

Stay tuned for more details and let me know if you have any questions at this point. Thanks.

[Joe]
Joe Holliday
Director of Student Services

[SBCTC_Anniversary Logo_WhtGold_Round3OUT_v1_MC]

Washington State Board for Community and Technical Colleges
1300 Quince Street SE, PO Box 42495
Olympia, Washington  98504-2495
360-704-4334

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