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MN HF3181
Bill
Status
3/19/2014
Primary Sponsor
Gene Pelowski
Click for details
AI Summary
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Authorizes the Office of Higher Education to use incentive gifts (including gift cards) to promote its programs, with annual expenditures capped at $25,000.
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Establishes institution termination procedures allowing the office to terminate a postsecondary institution's eligibility for state student aid based on seven specific criteria, including violations, noncompliance, misappropriation of funds, or federal termination.
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Creates a reinstatement process requiring institutions to wait at least 12 months after termination, submit documentation of corrective actions, undergo reinstatement audits, and complete a one-year probationary period.
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Authorizes the Office of Higher Education to refinance student and parent education loans with terms including residency requirements, credit criteria, interest rates, and maximum refinancing amounts, funded through the loan capital fund.
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Repeals multiple outdated sections of Minnesota Statutes and Minnesota Rules related to student loan programs and establishes a State Student Loan Legislative Advisory Board to review material changes to student loan program terms and conditions.
Legislative Description
Higher education; state student aid, student loan programs, scholarships, and other higher education-related provisions various policy, clarifying, and technical changes made; incentive gifts authorized; and Office of Higher Education authorized to refinance student and parent loans.
Last Action
Introduction and first reading, referred to Higher Education Finance and Policy
3/19/2014