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Senate advances plan to convert student-loan program into roughly $300 million endowment for scholarships
Summary
Senators approved First Substitute Senate Bill 172, a measure to unwind a student loan program and place approximately $300 million into an endowment managed by the State Treasurer to fund scholarships and student-success initiatives; sponsor said proceeds will be used for scholarships and related programs.
The Utah Senate on Feb. 16 passed First Substitute Senate Bill 172 to change an existing higher-education student-loan vehicle into an endowment to fund scholarships and student-success initiatives. Sponsor Senator Vickers described the measure as a transfer of program assets to an endowment managed by the State Treasurer…
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