Sponsors: Sullivan, Slatter, Leavitt, Valdez, Walen, Goodman, Gregerson, Ramel, Santos, Wylie, Paul, Simmons, Chopp, Bergquist, Pollet, Johnson, J., Riccelli, Ormsby, Body
Votes on Closing Passage: 27 Senate 21 | Home 57 | 40
thirtieth: JJ JT CW
thirty first: DS ER PF
forty seventh: DE PS MD
Transient Abstract of Invoice
(As Amended by Senate)
•Directs the Washington Scholar Achievement Council, in session with the Workplace of the State Treasurer and the State Funding Board, to design a pupil mortgage program.
•Requires a report back to the Legislature on the design and implementation plan for this system by December 1, 2022.
•Creates the Washington Scholar Mortgage Program to be administered by the Workplace of the State Treasurer.
•Specifies that funding for this system should not be expended until an unbiased actuarial evaluation forecasts this system to be self-sustaining and the rates of interest for the loans don’t exceed 1 %.
•Requires the Workplace of the State Treasurer to implement, to the extent practicable, the suggestions offered within the report on the design of this system.
State Scholar Mortgage Program Invoice Abstract
WSAC, in session with the Workplace of the State Treasurer (treasurer) and the State Funding Board (SIB) should design a pupil mortgage program. At a minimal, this system design should embrace:
• a low-interest fee, which can be 1 %;
• loans for undergraduate and graduate college students;
• the phrases of the loans;
• the phrases and administration of the compensation program; and
the varieties of debtors permitted to take part. This system should prioritize low-income debtors.
The mortgage program should embrace a grace interval for compensation, together with for energetic obligation nationwide guard members.
Scholar loans might not be issued beneath this system until this system design beneficial by WSAC, SIB, and the treasurer is discovered by an unbiased actuary to be self-sustaining and the rates of interest for the loans beneath this system don’t exceed 1 %.
WSAC might advocate contracting with a number of state-based monetary establishments for mortgage origination and servicing. An open and aggressive bid course of should be used.
A report is due on this system design to the Governor and the Legislature by December 1, 2022. WSAC should accumulate knowledge on this system in collaboration with establishments of upper schooling and submit an annual report back to the Legislature starting December 1, 2026.
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Except in any other case famous, the above data was obtained from the official Washington State Legislative web site. Future conferences are topic to alter. Auburn representatives in daring.