1. Short title This Act may be cited as the Student Empowerment and Financial Literacy Act . 2. Financial literacy grant program (a) In general The Secretary shall award grants on a competitive basis to eligible entities for the purposes of promoting new and existing strategies to expand, develop, implement, evaluate, and disseminate for voluntary use innovative approaches or professional development programs in financial literacy for elementary school and secondary school students, that— (1) show potential to improve student awareness of personal finance topics; (2) show potential to improve teaching of such topics, including by training teachers and instructors to teach such topics; and (3) demonstrate innovation, scalability, accountability, and a focus on underbanked populations. (b) Applications In order to receive a grant under this Act, an eligible entity shall submit an application to the Secretary at such time and in such manner, and containing such information, as the Secretary may reasonably require. (c) Program periods and diversity of projects (1) Grant period A grant awarded under this Act shall be awarded for a period of not more than 3 years. (2) Reapplication In a case in which an eligible entity submits an application under subsection (b), and is not awarded a grant under this Act— (A) the Secretary shall provide to such eligible entity— (i) an explanation for the denial of such grant; and (ii) any suggestions for improvements to the application the eligible entity should make to be eligible for such a grant