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IA HSB152
SB
Status
2/11/2025
Primary Sponsor
Higher Education
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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, along with website links comparing terms of federal PLUS loans to state college family loans and partnership loans
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Directs the Bureau to have the Superintendent of Banking review rate estimates for accuracy, verify comparison chart information, and determine whether state loan programs may offer lower annual percentage rates than federal direct PLUS loans
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Mandates the Bureau publish an online statement when state loan programs offer lower rates than federal PLUS loans, including rate comparisons and links to the corporation's comparison resources
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Requires the Bureau to notify eligible Iowa higher education institutions by October 1 each year when state loans offer lower rates, and institutions must include this information in all financial aid offers to prospective students and families, along with a statement advising students to utilize federal student loan programs before considering PLUS or state supplemental loans
Legislative Description
A bill for an act concerning information regarding certain state and federal student loan programs.(See HF 703.)
Last Action
Committee report approving bill, renumbered as HF 703.
2/28/2025