CO SB068

Establishes a maximum annual interest rate for private student loans at the federal direct unsubsidized student loan rate plus 2 percentage points for undergraduate, graduate, and professional education loans.

Applies the interest rate cap to banks, credit unions, and other non-governmental lenders issuing student loans for education and related expenses.

Allows Colorado state income tax deduction starting January 1, 2016 for principal and interest paid on qualified education loans, to the extent included in federal taxable income.

Takes effect immediately upon passage for loans entered into on or after the effective date, with a safety clause declaring the act necessary for public health and safety.