Legislature(2001 - 2002)
2001-03-21 Senate Journal
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Full Journal pdf2001-03-21 Senate Journal Page 0755 under AS 14.43; relating to fees for the review of certain postsecondary institutions; making conforming amendments; and providing for an effective date." was read the first time and referred to the Health, Education and Social Services and Finance Committees. The following fiscal information was published today: Fiscal Note No. 1, Department of Education and Early Development Governor's transmittal letter dated March 20: Dear President Halford: Alaska's student loan program has achieved great success in the past few years. The Commission on Postsecondary Education and the Alaska Student Loan Corporation have turned the program around -- running it in the black for the first time in history and paying a dividend back to the state. This year the dividend payment is $2.2 million with another $4 million expected for fiscal year 2002. All of this while serving over 90,000 Alaska student loan customers with $615 million in loans. This bill I transmit today establishes the AlaskAdvantage Loan Program, the next step in continuing the growth and financial integrity of the state student loan program. Under this legislation, Alaska would participate in the federal guaranteed student loan program which brings benefits including low interest rates for borrowers and reduced risk to the state through federal loan guarantees. This bill also creates a supplemental loan program to provide financial assistance in the event the AlaskAdvantage Loan is insufficient to cover education costs or the student does not qualify for assistance under the federal guaranteed student loan program. This bill will create a one-stop financial aid information center and financial opportunity, guaranty the lowest possible borrowing rates, streamline aid delivery and reduce financial risk to the State through