CT HB06907

Expands the Connecticut Higher Education Supplemental Loan Authority's authority to offer education grants and scholarships in addition to education loans, and permits refinancing of eligible loans made by the authority or other private/governmental lenders.

Broadens the definition of "borrower" to include individuals who attend Connecticut institutions or currently reside in the state (previously limited to students and parents), and adds new definitions for education assistance programs, education grants, and eligible loans.

Authorizes the authority to issue taxable bonds and bonds eligible for federal tax credits or other federal tax treatment, contingent on findings that such issuance is necessary, in the public interest, and furthers the authority's purposes.

Restructures the Connecticut Higher Education Supplemental Loan Authority's board of directors from nine members to nine members with revised composition, including two appointed residents employed by Connecticut higher education institutions (instead of one board member) and clarifies appointment procedures and term limits.

Requires the authority to report to the General Assembly by February 1, 2016, on efforts to serve individuals with demonstrated financial need through interest rate reductions, increased debt-to-income ratios, need-based scholarships, and graduate school loan deferment options.