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Committee holds state graduate loan proposal amid questions about funding and oversight
Summary
HB 515, a proposal to create a state-run revolving loan fund for graduate students in programs excluded from federal subsidized loans, was held in committee as members sought input from higher-education institutions and clarity on fund controls and fiscal impacts (fiscal note cites a possible $158 million net sweep and $1.5 million ongoing cost).
The House Revenue & Taxation Committee considered HB 515 (first substitute) Feb. 19 — a sponsor-led proposal to create a state-level, revolving loan program to cover gaps where federal subsidized graduate loans are not available. After extended questioning about fund sources, oversight and fiscal implications, the committee voted to hold the bill for further stakeholder engagement.
Sponsor remarks: The bill’s sponsor described federal changes that exclude many graduate programs from full federal loan eligibility, citing nursing, social work, public health, counseling,…
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