CA AB2377

Establishes the California Student Loan Refinancing Program under the California Educational Facilities Authority to help college graduates refinance private student loans at favorable rates through a revolving fund structure.

Creates loss reserve accounts for participating financial institutions funded by deposits from the authority, qualified borrowers, and the financial institutions themselves, with a maximum combined deposit of $75,000 per borrower over three years.

Sets eligibility requirements for qualified borrowers including California residency, bachelor's degree completion, employment in public service or nonprofit organizations in California, and demonstrated ability to repay.

Allows financial institutions to file claims for reimbursement from loss reserve accounts for defaults on qualified loans, provided they follow established procedures and have attempted assistance measures before filing claims.

Requires the California Educational Facilities Authority to submit annual reports to the Governor and Legislature describing program financial condition, number of borrowers served, and total dollar amount of loans issued.