BillTracker

Establishing a student loan bill of rights (Liias, Fain, Darneille)

Establishes the Washington student education loan bill
of rights.
Requires the student achievement council to designate a
student education loan ombuds within the office of student
financial assistance to provide timely assistance to a
student education loan borrower with a student education
loan.
Requires the director of the department of financial
institutions to establish fees sufficient to cover the costs
of administering the department's program for student
education loan servicers and the student education loan
ombuds.
Requires the state institute for public policy to
conduct a study on the impact and cost-effectiveness of
establishing a student loan authority to refinance existing
federal and private undergraduate and graduate student loans from the proceeds of tax-exempt bonds.
Creates the student education loan ombuds account.
Requires the state treasurer, beginning in the 2019-2020
fiscal year, to annually transfer from the financial services
regulation fund to the student loan ombuds account, the
greater of one hundred seventy-five thousand dollars or
twenty percent of the annual assessment derived from student education loan servicing.

WA State Legislature Link:
http://app.leg.wa.gov/billsummary?BillNumber=5210&Year=2017    (opens a new browser tab)