Legislature(2021 - 2022)
2021-02-24 Senate Journal
Full Journal pdf2021-02-24 Senate Journal Page 0315 SB 94 SENATE BILL NO. 94 BY THE SENATE RULES COMMITTEE BY REQUEST OF THE GOVERNOR, entitled: "An Act relating to the education loan program and Alaska supplemental education loan program; and providing for an effective date." was read the first time and referred to the Education and Finance Committees. The following fiscal information was published today: Fiscal Note No. 1, zero, Department of Education and Early Development Fiscal Note No. 2, zero, Department of Revenue 2021-02-24 Senate Journal Page 0316 Governor's transmittal letter dated February 23: Dear President Micciche: Under the authority of Article III, Section 18, of the Alaska Constitution, I am transmitting a bill relating to the education loan program for postsecondary students. The bill would increase opportunities for borrowers to consolidate education loans by expanding options to show eligibility. Current statute requires that borrowers physically reside in the State. This bill adds additional eligibility options to include being a previous borrower, cosigner, or beneficiary of an education loan made under AS 14.43 or AS 14.44, or being a graduate of a high school or postsecondary institution physically located in the State. Specific loan limits would be removed from statute and instead the Alaska Student Loan Corporation would have the authority to set limits, as appropriate, to address evolving student needs. The bill would also clarify that a borrower’s obligation to commence repayment of the loan could begin immediately upon disbursement of the loan. This legislation will increase responsiveness to Alaska’s higher education community and will allow for responsible increases to annual loan limits and originations to meet the financial aid needs of Alaska’s student loan borrowers. I urge your prompt and favorable action on this measure. Sincerely, /s/ Mike Dunleavy Governor