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ID H0419
Bill
Status
1/24/2014
Primary Sponsor
Mathew Erpelding
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AI Summary
HB 419 Summary
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Requires all Idaho higher education institutions to report average student loan debt of resident undergraduate students to the State Board of Education by January 1 annually, with the board compiling and comparing statewide averages to national averages and publishing findings by March 1.
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Mandates institutions provide prospective and newly accepted students with clear information about total cost of attendance, financial aid amounts, loan debt projections, loan rates, repayment plans, default rates, and monthly payment obligations.
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Establishes entrance and exit counseling requirements for student loans, including comprehensive information on loan terms, interest accrual, repayment options, default consequences, and requires certification before lenders can accept private loan applications (up to $50 fee permitted).
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Creates the Idaho Student Loan Refinancing Authority as an independent public body with a 9-member board to develop a program allowing state residents to refinance qualified education loans, with authority to issue bonds and establish eligibility criteria similar to private lenders.
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Requires the State Board of Education to compile data on private student lenders and maintain lists of institutions offering the lowest rates and best repayment options, updated monthly on the board's website.
Legislative Description
Adds to existing law to establish provisions relating to certain debt reports and to establish provisions relating to counseling; to establish provisions requiring information be provided to students; to establish provisions relating to loan counseling, to establish provisions relating to entrance and exit counseling; to establish provisions relating to student lending transparency and to define terms; to provide definitions, to establish provisions creating the Idaho student loan refinancing authority, to provide for powers of the board, to provide for duties of the board, to provide for the issuance of bonds, to establish provisions relating to bond security, to establish provisions that bonds are not public debt, to establish provisions relating to a state pledge, to establish provisions relating to limited liability, to establish provisions relating to an annual report and to provide for staggered terms.
STUDENT LOANS
Last Action
Reported Printed and Referred to Ways & Means
1/27/2014