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Senate approves requirement for ISL‑ICA APR comparisons to inform students
Summary
House File 703 requires the Iowa Student Loan Liquidity Corporation to provide APR comparison information to the Department of Education bureau so students can see whether ISL offers a lower APR than the Federal Direct PLUS; a technical amendment was adopted and the bill passed 43‑2.
Senator Taylor explained HF703 would require the Iowa Student Loan Liquidity Corporation (ISL) to share loan APR information with the Department of Education's college bureau (ICA). The bureau would compare ISL rates with the Federal Direct PLUS loan, publish a verification statement on accuracy, and annually notify institutions when ISL continues to offer a lower APR.
Senator Taylor moved a technical strike‑after amendment recommended by legislative services; no floor opposition was recorded. The Senate read the bill for final passage and recorded a roll call of 43 ayes and 2 nays; the bill was declared passed and the title was agreed to.
