September 4, 2012 > Assembly passes bill on student private loans
Assembly passes bill on student private loans
Submitted By Andrew LaMar
Legislation by Senate Majority Leader Ellen M. Corbett (D-San Leandro) requiring colleges and universities to provide basic information about private loans to students so they can make better decisions about financing their educations passed the Assembly on August 21, 2012.
Senate Bill 1289 requires colleges and universities to provide basic information about private loans on financial aid materials and clearly distinguish between private and federal loans in financial aid packages offered to students. For instance, federal loans offer income-based and income-contingent repayment options and other flexibility, based on need, that private loans generally do not.
For more information, visit www.sen.ca.gov/corbett.