Loading chat...

MO HB2432

Bill

Official Source

Status

Introduced

1/28/2016

Primary Sponsor

Kip Kendrick

Click for details

Origin

House of Representatives

2016 Regular Session

AI Summary

  • Missouri Department of Higher Education authorized beginning January 1, 2017 to issue loans refinancing eligible public or private student loans, with bond sales requiring coordinating board approval
  • Establishes the "Higher Education Refinancing Loan Revolving Fund" in the state treasury to receive loan repayments and fund new loans and servicing fees
  • Eligible borrowers include Missouri residents who graduated with at least an associate's degree, or Missouri-resident parents/guardians who took loans on behalf of such graduates
  • Borrowers automatically enrolled in income-based repayment with a 20-year standard plan (30-year option available), with low-cost option to switch to 10-year plan
  • Revenue bonds capped at $1.175 billion total par value, with interest rates not exceeding 15% annually and maturity within 40 years

Legislative Description

Gives the department of higher education authority to refinance certain student loans

Last Action

Public Hearing Completed (H)

3/15/2016

Committee Referrals

Higher Education2/24/2016

Full Bill Text

No bill text available