Virginia Student Loan Authority; established, report. (HB1916)

Introduced By

Del. Marcus Simon (D-Falls Church) with support from co-patrons Del. Lamont Bagby (D-Richmond), Del. Paul Krizek (D-Alexandria), Del. Kathleen Murphy (D-McLean), Del. Ken Plum (D-Reston), and Sen. Jennifer Boysko (D-Herndon)

Description

Virginia Student Loan Authority established. Establishes the Virginia Student Loan Authority, to be governed by a 10-member board, for the purpose of developing and implementing a program by which (i) each individual who incurred qualified education loan debt as a Virginia student at a public institution of higher education or private institution of higher education and who is eligible, on the basis of criteria established by the Authority that are substantially similar to criteria used by private lenders in the Commonwealth to evaluate student eligibility for an unsecured personal loan at market rates, may receive a loan from the Authority to refinance all or part of his qualified education loans, as that term is defined in relevant federal law, and (ii) each Virginia student who is eligible, on the basis of criteria established by the Authority that are substantially similar to criteria used by private lenders in the Commonwealth to evaluate student eligibility for an unsecured personal loan at market rates, may receive a direct qualified education loan from the Authority to attend a public institution of higher education or private institution of higher education. Read the Bill »

Outcome

History