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2023 SESSION

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HB 2462 Student loans, certain; default, institutional liability.

Introduced by: Chris S. Runion | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Certain student loans; default; institutional liability. Requires the State Council of Higher Education for Virginia to develop procedures for (i) identifying each individual who has defaulted on any loan agreement that he entered into in order to finance all or any portion of the cost of tuition or mandatory fees to attend the baccalaureate public institution of higher education at which he earned his degree within five years of earning such degree and (ii) determining which such loan defaults qualify for repayment by the baccalaureate public institution of higher education at which the individual earned his degree. The bill requires any individual determined pursuant to such procedures developed by the Council to have a qualifying loan default to be repaid by the baccalaureate public institution of higher education at which he earned his degree a sum sufficient to cover 50 percent of the original principal amount of the loan.


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