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A.B. 2377 - State Financial Aid


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. Hearing scheduled 4/29/2014.

Outlook: The committee will accept public testimony during the April 29 hearing. Written testimony should be submitted in advance of the hearing. Generally, measures are acted upon during their public hearing if they are considered by the committee. Action will be taken at the discretion of the chairman.

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.

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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