General Assembly Raised Bill No. 838
January Session, 2017 LCO No. 3845
*03845_______HED*
Referred to Committee on HIGHER EDUCATION AND EMPLOYMENT ADVANCEMENT
Introduced by:
(HED)
General Assembly
Raised Bill No. 838
January Session, 2017
LCO No. 3845
*03845_______HED*
Referred to Committee on HIGHER EDUCATION AND EMPLOYMENT ADVANCEMENT
Introduced by:
(HED)
AN ACT CONCERNING ANALYSIS OF MODEL PRIVATELY FUNDED STATE LOAN PROGRAMS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 60 of public act 16-65 is repealed and the following is substituted in lieu thereof (Effective from passage):
On or before [July 1, 2017] October 1, 2017, the Student Loan Ombudsman, designated under section 36a-25 of the general statutes, may evaluate how the state can move toward debt-free education and submit a report, in accordance with the provisions of section 11-4a of the general statutes, to the joint standing committee of the General Assembly having cognizance of matters relating to banking concerning its recommendations [and] for (1) the feasibility of establishing a program to [require a student to sign a binding contract to pay a percentage of the student's adjusted gross income upon graduation, for a specified number of years, in lieu of incurring debt as a result of borrowing money under a student education loan] allow an individual to enter into an income-share agreement, and (2) conduct an analysis of an appropriate commitment factor under such income-share agreement. For the purposes of this section, "income-share agreement" means an agreement between an individual and any other person under which the individual commits to pay a specified percentage of such individual's future income, for a specified period of time, in exchange for payments to or on behalf of such individual for higher education, work force development or other purposes. With respect to income-share agreements, "commitment factor" means the product of the percentage of such future income to be paid during such period and the number of years under the agreement that future income is required to be paid at such percentage.
This act shall take effect as follows and shall amend the following sections:
Section 1 from passage PA 16-65, Sec. 60
This act shall take effect as follows and shall amend the following sections:
Section 1
from passage
PA 16-65, Sec. 60
Statement of Purpose:
To evaluate how the state can move toward a debt-free higher education system.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]