Bill Text: CA SB1417 | 2015-2016 | Regular Session | Amended

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Bill Title: Public postsecondary education: student loan payment program.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2016-11-30 - From committee without further action. [SB1417 Detail]

Download: California-2015-SB1417-Amended.html

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BILL NUMBER: SB 1417	AMENDED
	BILL TEXT

	AMENDED IN SENATE  MARCH 29, 2016

INTRODUCED BY   Senator Galgiani

                        FEBRUARY 19, 2016

   An act to add Chapter 4 (commencing with Section 70120) to Part 42
of Division 5 of Title 3 of the Education Code, relating to student
financial aid.



	LEGISLATIVE COUNSEL'S DIGEST


   SB 1417, as amended, Galgiani. Public postsecondary education:
student loan payment program.
   Existing law establishes the University of California, under the
administration of the Regents of the University of California, and
the California State University, under the administration of the
Trustees of the California State University, as 2 of the segments of
public postsecondary education in this state.
   This bill would require the trustees, and would request the
regents, to develop and implement a program to provide an incentive,
as defined, to qualified students, as defined, who complete an
undergraduate degree within 4 years at a campus of their respective
system.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Chapter 4 (commencing with Section 70120) is added to
Part 42 of Division 5 of Title 3 of the Education Code, to read:
      CHAPTER 4.  GRADUATION INCENTIVE LOAN PAYMENT PROGRAM


   70120.  (a) The Trustees of the California State University shall
develop and implement a program to provide an incentive to qualified
students who complete an undergraduate degree within four years at a
campus of the California State University.
   (b) The Regents of the University of California are requested to
develop and implement a program to provide an incentive to qualified
students who complete an undergraduate degree within four years at a
campus of the University of California.
   (c) For purposes of this section, both of the following
definitions apply:
   (1) "Incentive" means a one-time two-thousand-five-hundred-dollar
($2,500) payment towards the eligible student's outstanding student
loan debt.
   (2) "Qualified student" means a student who is a California
resident or  a student meeting the requirements set forth in
Section 68130.5.