Relating to education; to create the Distressed Institutions of Higher Education Revolving Loan Program to be administered by the State Treasurer; to define "eligible institutions"; to authorize the State Treasurer to establish terms and conditions of loans; to require reporting of contract terms and on the operation of the program; to establish the Distressed Institutions of Higher Education Loan Program Fund in the State Treasury to receive appropriations from the Legislature for funding loans and loan repayments; and to provide for recovery of amounts due.
Impact
If implemented, HB431 is expected to significantly impact the financial mechanisms through which distressed higher education institutions can secure funding. By creating a dedicated revolving loan program, it offers a potential lifeline for institutions facing fiscal challenges, thus supporting the sustainability of higher education in the state. The program emphasizes the importance of financial resources in maintaining the viability of educational institutions, particularly those in economically vulnerable positions.
Summary
House Bill 431 aims to establish the Distressed Institutions of Higher Education Revolving Loan Program, which will be managed by the State Treasurer. This program is designed to provide financial assistance in the form of loans to designated 'eligible institutions' of higher education. It will define the criteria for these institutions and set forth the terms and conditions under which loans are to be issued. Additionally, the bill requires reporting on contract terms and the operation of the loan program, ensuring transparency and accountability in its administration.
Contention
The bill may provoke discussions regarding the definition of 'eligible institutions' and the terms of loan distribution. Questions may arise about which institutions qualify for the program and how the State Treasurer will determine the terms and conditions of these loans. Furthermore, there may be concerns over the adequacy of funding appropriated from the legislature for the Distressed Institutions of Higher Education Loan Program Fund, and the prospects for repayment by the institutions benefiting from the loans.
Alabama Math and Science Teacher Education Program (AMSTEP), renamed the Loan Assistance in Support of Educators in Alabama (LASEA) Program; providing loan assistance in acute educator shortage programs as determined by the Alabama Commission on Higher Education in consultation with the State Department of Education
Public Education, to require the State Department of Education for public K-12 schools, the Alabama Commission on Higher Education for public four-year institutions of higher education, and the Board of Trustees of the Alabama Community College System for public two-year institutions of higher education to summarize and report break/fix rates on school technology devices to Legislature
Hunger-Free Campus Act administered by the Alabama Commission on Higher Education, provides for the designation of qualified public two-year and four-year institutions of higher education as hunger free campuses
Public institutions of higher education, Hunger-Free Campus designation created and provided for, Alabama Commission on Higher Education required to adopt rules
Alabama Commission on Higher Education; authorized to award loan assistance to athletic trainers under Alabama Math and Science Teacher Education Program
Alabama Commission on Higher Education; authorized to award loan assistance to athletic trainers under Alabama Math and Science Teacher Education Program
Education Transparency Board; established, duties provided, impact study required following certain budget reductions at the U.S. Department of Education, State Board of Education authorized to adopt rules
Relating to accountability of institutions of higher education, including educator preparation programs, and online institution resumes for public institutions of higher education.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.