Bill
Bill > SB30
PA SB30
Providing for student loan debt data collection and report, for procedures for student loans, for disclosure of higher education costs, for a student loan ombudsman, for higher education assistance by employers, for duties of the Department of Education, Department of Banking and Securities and Department of Revenue; establishing the Student Loan Refinancing Program; authorizing the Pennsylvania Higher Education Assistance Agency to issue bonds to fund the Student Loan Refinancing Program; estab
summary
Introduced
01/18/2023
01/18/2023
In Committee
01/18/2023
01/18/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 Regular Session
Bill Summary
Providing for student loan debt data collection and report, for procedures for student loans, for disclosure of higher education costs, for a student loan ombudsman, for higher education assistance by employers, for duties of the Department of Education, Department of Banking and Securities and Department of Revenue; establishing the Student Loan Refinancing Program; authorizing the Pennsylvania Higher Education Assistance Agency to issue bonds to fund the Student Loan Refinancing Program; establishing the Student Loan Refinancing Fund; providing for student loan debt tax credit, for application for tax credit, for taxpayer eligibility, for carryover and carryback, for outreach and marketing, for guidelines, for employer incentive for higher education assistance tax credit, for application for tax credits and for carryover, carryback and assignment of tax credits; and imposing penalties.
AI Summary
This bill, known as the Higher Education Loan Protection Act, establishes several provisions to address student loan debt in Pennsylvania. Key provisions include:
- Requiring the collection and reporting of student loan debt data from public and private higher education institutions to track debt trends statewide.
- Placing requirements on private student loan lenders, such as obtaining institutional certification before issuing loans and providing regular loan statements to borrowers.
- Establishing a student loan ombudsman to assist borrowers, collect and analyze complaint data, and conduct education and outreach.
- Authorizing and incentivizing Pennsylvania employers to provide higher education assistance to employees, such as matching contributions to tuition savings accounts or making direct payments towards outstanding student loans.
- Creating a Student Loan Refinancing Program administered by the Pennsylvania Higher Education Assistance Agency to help residents refinance existing student loans at lower interest rates.
- Providing a personal income tax credit of up to $500 per year for eligible student loan payments made by Pennsylvania residents.
- Establishing an employer tax credit of up to 25% for higher education assistance payments made to employees.
Overall, the bill aims to increase transparency, provide consumer protections, and offer financial relief to Pennsylvania residents carrying student loan debt.
Committee Categories
Education
Sponsors (15)
Vincent Hughes (D)*,
Jim Brewster (D),
Amanda Cappelletti (D),
Maria Collett (D),
Carolyn Comitta (D),
Jay Costa (D),
Jimmy Dillon (D),
Wayne Fontana (D),
John Kane (D),
Tim Kearney (D),
Katie Muth (D),
Steve Santarsiero (D),
Sharif Street (D),
Tina Tartaglione (D),
Lindsey Williams (D),
Last Action
Referred to EDUCATION (on 01/18/2023)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...