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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 that would generate proceeds ‘‘for scholarships or to achieve certain student success initiatives.’’
Senator Vickers said, "Roughly $300,000,000 will go into that fund," and described the change as a way to repurpose existing program resources into long-term scholarship support. He said the Board of Higher Education and other stakeholders had taken a long look at the program and recommended the change.
Senator Milner offered supportive remarks about the Board’s willingness to reconsider the program. Senator Vickers waived summation and moved passage. The Senate conducted a roll-call vote and the bill passed; the transcript does not include an unambiguous, clean numeric tally for the final vote in the floor summary lines, but the clerk noted it will be sent to the House for consideration.
Next steps: the bill is transmitted to the House where it will receive further consideration; any fiscal or implementation details would be resolved in subsequent committee work or by amendment.
