AR HB1436

Clarifies the Arkansas Student Loan Authority's purposes to include making guaranteed educational loans and education loans, with authority to issue bonds and obligations to fund these activities

Establishes a seven-member board of directors appointed by the Governor, including requirements for representation from banking institutions, eligible institutions, females, and racial minorities

Expands the Authority's powers to enter into interest rate exchange agreements, create nonprofit special purpose corporations, and establish rules governing loan eligibility and compliance with federal regulations

Repeals sections limiting proprietary institution funding, requiring annual reporting on student loan distribution, and authorizing the Higher Education Coordinating Board to administer certain scholarship programs

Allows board members to receive stipends and expense reimbursement and adds the Authority's Board of Directors to the list of boards eligible for stipend reimbursement under Arkansas Code § 25-16-904