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1996 SESSION

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HB 355 Education Assistance Authority.

Introduced by: H. Morgan Griffith | all patrons    ...    notes | add to my profiles

SUMMARY:

State Education Assistance Authority. Requires the State Education Assistance Authority (SEAA) to separate those assets necessary or required to support non-federal, state-sponsored student loan programs from those required to guarantee federal loan programs. The SEAA maintains reserves for both federal and state programs to pay claims by lenders. Reserve funds for federal programs are already deemed federal property by the Supreme Court and federal legislation; this measure would provide similar protection for reserves for the Edvantage loan program, a state student loan program. This bill is identical to SB 517.


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