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IA HF703
Bill
Status
3/10/2025
Primary Sponsor
Higher Education
Click for details
AI Summary
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Creates the "Increasing Student Financial Aid Awareness Act" establishing new chapter 261K in Iowa Code
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Requires the Iowa Student Loan Liquidity Corporation to provide the Bureau of Iowa College Aid with annual percentage rate estimates for federal direct PLUS loans and information about state college family loans and partnership loans
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Directs the Bureau of Iowa College Aid to verify loan information accuracy with the Superintendent of Banking and compare federal direct PLUS loan rates against state loan program rates
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Mandates the Bureau publish an online statement when state loan programs (college family loan or partnership loan) offer lower annual percentage rates than federal direct PLUS loans
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Requires Iowa higher education institutions to include state loan program information in all financial aid offers to prospective students by October 1 each year when state loans have lower rates, along with a statement that students should utilize federal student loan programs before considering PLUS loans or state alternatives
Legislative Description
A bill for an act concerning information regarding certain state and federal student loan programs. (Formerly HSB 152.) Effective date: 07/01/2026.
Last Action
Message from House. S.J. 573.
3/16/2026