Legislature(1997 - 1998)
03/27/1998 08:10 AM Senate FIN
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* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
SENATE BILL NO. 332 "An Act relating to the Alaska Student Loan Corporation." Co-chair Pearce called SB 332 and briefly explained the "E" version of the committee substitute noting a zero fiscal note from the Department of Education. Senator Phillips MOVED CSSB 332(), "E" version dated 3/6/98 as working version. Senator Adams OBJECTED. Diane Barrans, Executive Director, Post Secondary Education Commission, Department of Education was invited to join the committee. In response to a query from Senator Adams she said the delinquent loan rate was about 19 percent, which included loans from previous years. At this time they were seeking credit-worthy co-signers for those with bad credit. Senator Adams asked how collections were done and Ms. Barrans explained the process. At this point Senator Adams WITHDREW his OBJECTION. Therefore, WITHOUT OBJECTION, CSSB 332(), "E" version was ADOPTED. Senator Donley commented that some provisions should be added to make sure loans were paid back. Medical students were paying back their loans. In response to Co-chair Pearce's comments, Ms. Barrans indicated there was no companion House Bill. Senator Donley asked the bill be held until next Tuesday because he wanted time to submit an amendment. Co-chair Pearce HELD SB 332.
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