SB16-024: Private Student Loan Cap Act

• Establishes a maximum annual interest rate for private student loans at the federal direct unsubsidized student loan rate plus 2 percentage points
• Applies to loans from banks, credit unions, and other non-governmental lenders for undergraduate, graduate, or professional education and related expenses
• Takes effect 90 days after final adjournment of the general assembly (August 10, 2016, if adjournment occurs May 11, 2016)
• Applies only to student loans entered into on or after the effective date of the act
• Subject to voter approval through referendum petition if filed within the 90-day period; would require approval at the November 2016 general election