Signed by Governor Jay Inslee

Vote Smart's Synopsis:

Vote to pass a bill that establishes a state student loan program.

Highlights:

• Establishes a state student loan program that (Sec. 3):

• Offers loans with interest rates below federal student loan interest rates;

• Includes loan limits and grace periods; and

• Prioritizes low-income borrowers.

• Authorizes the state to contract with private financial institutions to administer the loan program (Sec. 3).

• Specifies that the Office of Student Financial Assistance will be responsible for administering and collecting loans, and working with state educational institutions who offer them (Sec. 4).

• Establishes the Washington Student Loan Account to collect receipts from the loan program and requires that these receipts only be used to issue new loans (Sec. 7).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that establishes a state student loan program.

Highlights:

• Establishes a state student loan program that (Sec. 3):

• Offers loans with interest rates below federal student loan interest rates;

• Includes loan limits and grace periods; and

• Prioritizes low-income borrowers.

• Authorizes the state to contract with private financial institutions to administer the loan program (Sec. 3).

• Specifies that the Office of Student Financial Assistance will be responsible for administering and collecting loans, and working with state educational institutions who offer them (Sec. 4).

• Establishes the Washington Student Loan Account to collect receipts from the loan program and requires that these receipts only be used to issue new loans (Sec. 7).

Full Bill Text