Sponsor: Assemblymember John Perez (D)
Summary: Establishes the California Student Loan Refinancing Program within the California Educational Facilities Authority and provides for its administration by the Treasurer’s office, with the goals of helping eligible students and graduates to refinance loan debt at favorable rates and creating a revolving fund so that additional refinancing may occur to help more students and graduates.
Authorizes the California Educational Facilities Authority to issue bonds for purposes of providing student loan refinancing options, including loan consolidation, interest rate buy-down, debt restructuring, establishing a loan loss reserve account and alignment with various federal student loan alternative repayment programs.
Establishes eligibility requirements for students and graduates. Authorizes the board of the California Educational Facilities Authority to develop and adopt regulations and procedures for the implementation of the program.
Status: Introduced 2/21/2014. Referred to Assembly Committee on Higher Education 3/10/2014.
Outlook: The Assembly Committee on Higher Education is chaired by Assembly Member Das Williams (D). The sponsor is not a member of the committee of referral. Committees are not required to consider every measure referred to them. Per Joint Rule 61 (b)(6), the committee has by May 9 to act on this measure.
By rule, this measure cannot be heard in committee until 30 days have passed since its introduction. The sponsor is a member of the majority party but has not garnered the support of any cosponsors. The Democratic Party controls both legislative chambers as well as the Office of Governor.
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