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KS SB50
Bill
AI Summary
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Establishes a uniform 5% annual interest rate for repayment obligations on all Kansas Board of Regents scholarship and financial aid programs effective July 1, 2025, applying retroactively to aid distributed before that date but not exceeding previously agreed-upon rates
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Authorizes the Board of Regents to recover collection costs (court costs, attorney fees, collection agency fees) from individuals who fail to meet scholarship service obligations and to charge administrative fees for processing financial aid applications
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Shifts Adult Learner Grant program agreements from postsecondary institutions directly to the Board of Regents, making the Board solely responsible for tracking compliance and collecting repayments
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Reduces the Low-Income Family Postsecondary Savings Accounts Incentive Program from 1,200 to 1,000 annual applications (250 per congressional district), limits new applications to calendar years 2025-2027, and sunsets the program in 2028
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Changes audit requirements for the savings accounts program from ensuring all withdrawals are qualified to retrospectively auditing at least 10 withdrawals per year, with 5% interest on any required refunds of matching funds
Legislative Description
Establishing uniform interest rate provisions for service scholarship programs administered by the Kansas board of regents, authorizing the board of regents to recover the costs of collecting such repayment and charge fees for administration costs, requiring eligible students to enter into agreements with the board of regents as a condition to receiving a grant under the adult learner grant act and sunsetting the low-income family postsecondary savings accounts incentive program in 2028 and reducing the number of audits required for such program.
Last Action
Senate Approved by Governor on Tuesday, April 8, 2025
4/10/2025