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2022 House Bill 1736: Establishing a state student loan program
Introduced by Rep. Pat Sullivan (Covington) (D) on January 10, 2022
Referred to the House College & Workforce Development Committee on January 10, 2022
Substitute offered in the House on January 20, 2022
Establishes the Washington Student Loan Program to issue student loans with 1 percent interest rates to resident students with financial need pursuing undergraduate or high-demand graduate programs.
Referred to the House Appropriations Committee on January 24, 2022
Substitute offered in the House on February 4, 2022
Establishes the Washington Student Loan Program to issue student loans with 1 percent interest rates to resident students with financial need pursuing undergraduate or high-demand graduate programs.
Amendment offered by Rep. Cyndy Jacobsen (Puyallup) (R) on February 15, 2022
Removes the income-based repayment plan option from the Washington Student Loan program and requires the Student Achievement Council to use a standard loan repayment plan with a 10 year repayment period.
The amendment failed by voice vote in the House on February 15, 2022
Amendment offered by Rep. Pat Sullivan (Covington) (D) on February 15, 2022
Permits the Washington Student Loan Program to be considered a need-based financial aid program by removing the specification that a state student loan may not exceed a student's cost of attendance, minus all gift aid the student receives. Removes the requirement that the state student loan be awarded before federal and private student loans. Requires the Washington Student Achievement Council to contract with one or more state-based financial institutions for loan origination instead of a credit union.
The amendment passed by voice vote in the House on February 15, 2022
Received in the Senate on February 18, 2022
Referred to the Senate Higher Education & Workforce Development Committee on February 18, 2022
Referred to the Senate Ways & Means Committee on February 23, 2022
Referred to the Senate Rules Committee on February 28, 2022
Amendment offered in the Senate on March 4, 2022
Directs the Washington Student Achievement Council, in consultation with the Office of the State Treasurer and the State Investment Board (SIB) to design a student loan program and provide a report to the legislature by December 1, 2022. At a minimum the program design must include: (1) A low interest rate, which may be 1 percent; (2) Loans for undergraduate and graduate students; (3) The terms of the loans; (4) The terms and administration of the repayment program; and (5) The types of borrowers permitted to participate. The program must prioritize low-income borrowers.
The amendment passed by voice vote in the Senate on March 4, 2022
Received in the House on March 10, 2022
House concurred in Senate amendments. Passed final passage.
Received in the Senate on March 10, 2022
Signed by Gov. Jay Inslee on March 30, 2022

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