SB 950 Summary

• Expands the definition of "borrower" to include individuals with outstanding authority loans, those attending Connecticut institutions or currently residing in the state who have education loans, and parents who borrowed on behalf of such individuals.

• Authorizes the Connecticut Higher Education Supplemental Loan Authority to make education loans for refinancing eligible loans in amounts up to the outstanding principal of the loan being refinanced.

• Adds new definitions including "education assistance program," "education grant," and "eligible loan" to enable the authority to offer grants and refinancing services in addition to traditional education loans.

• Grants the authority power to issue taxable bonds and notes that may be eligible for federal tax credits or other favorable federal income tax treatment when necessary and in the public interest.

• Restructures the Connecticut Higher Education Supplemental Loan Authority board from nine to eight members by consolidating higher education institution representatives from two separate positions into one, effective July 1, 2015.