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Committee sides with Senate on uniform 5% interest rate for certain scholarship repayment obligations
Summary
Senate Bill 50 would set a uniform interest rate and accrual date for repayment obligations on scholarships administered by the Kansas Board of Regents; the Senate favored a fixed 5% rate, while the House amendment tied the rate to the federal PLUS program. The chambers reported agreement to retain the 5% rate in the excerpted discussion.
Revisor Jason Long summarized Senate Bill 50, explaining the bill would create uniform provisions governing interest rates and the accrual date for repayment obligations on scholarships administered by the Kansas Board of Regents.
"The Senate position was to establish a uniform interest rate of 5% for such financial aid repayment obligations and a uniform accrual date of when that repayment obligation commenced," Jason Long said, adding that the House amendment would instead set the…
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