Student Investment Account Act Summary

• Creates a Student Investment Account allowing the State Treasurer to allocate up to 5% of the State Investment Portfolio to support post-secondary education through education loans and income-sharing agreements.

• Authorizes the State Treasurer to originate, guarantee, acquire, and service education loans; enter into income-sharing agreements with students; and invest in financial institutions and income-sharing agreement providers.

• Establishes three non-appropriated trust funds: Administrative Fund (for operations), Loss Reserve Fund (for default reserves), and Assistance Fund (to provide aid to borrowers and income-sharing agreement participants).

• Permits the State Treasurer to charge administrative fees, collect insurance premiums, and garnish wages for recovery of education loan debt or income-sharing agreement obligations, with notice and opportunity to contest.

• Amends the Deposit of State Moneys Act to permit investments under the Student Investment Account Act and clarifies that the State Treasurer is not subject to student loan servicer licensing requirements.