CT SB00304

Allows Connecticut residents under age 18 to qualify for authority loans if they obtain a cosigner who is 18 years or older, granting them full legal capacity to apply for, receive, and repay such loans (effective from passage).

Permits state system of higher education constituent units to participate in one or more education loan programs with the authority and incur indebtedness through authority loans (effective July 1, 2024).

Authorizes the authority to create special capital reserve funds and fund them with state appropriations, bond proceeds, surety policies rated "AA" or better, and other available moneys to secure bond payments.

Sets a $300 million cap on the aggregate amount of bonds outstanding at any time secured by special capital reserve funds.

Requires the authority to determine that program revenues are sufficient to pay bond principal and interest, establish reserves, maintain and service the program, and cover other program costs before issuing bonds.