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2008 SESSION

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SB 510 Higher educational institutions; policies addressing student loan vendors.

Introduced by: A. Donald McEachin | J. Chapman Petersen | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Institutions of higher education; student lending policies; report.  Requires the State Council of Higher Education to develop policies and procedures for disclosing certain information to students on student lending practices.  This information shall include (i) the criteria used to determine which lenders, if any, are recommended or endorsed by the school, and (ii) explicit notification that students are free to borrow from any lender of their choosing and are not limited to a list offered by the school.  Also, the bill prohibits public institutions of higher education from entering into exclusive agreements with vendors regarding student loans, and prohibits employees from accepting gifts to induce endorsement of certain vendors.


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