CA AB2004

Increases aggregate borrowing limit from $20,000 to $40,000 per student under the California DREAM Loan Program, with separate $20,000 caps for undergraduate and graduate students.

Requires participating institutions to establish DREAM loan forgiveness options by January 1, 2024 using standards similar to the Federal Perkins Loan Program.

Expands borrower protections to include administrative relief during national emergencies declared by the President, state of emergency administrative forbearance, and 90-day relief for borrowers affected by natural disasters.

Requires exit counseling to include information about DREAM loan repayment options, forbearance, deferment, discharge, and forgiveness.

Mandates participating institutions post comprehensive information on their websites regarding DREAM loan eligibility, interest rates, application procedures, and repayment options including forbearance, deferment, discharge, and forgiveness.