PA 08-149—sHB 5123

Higher Education and Employment Advancement Committee

Government Administration and Elections Committee

e Legislative Management Committee

AN ACT CONCERNING THE CONNECTICUT STUDENT LOAN FOUNDATION

SUMMARY: This act reduces the size of the Connecticut Student Loan Foundation's board of directors from 15 to 14 members and changes its composition. Under prior law, the House speaker and minority leader and the Senate president pro tempore and minority leader each appointed a legislator from their respective chambers to the board. The act eliminates this requirement and instead requires that each legislative leader appoint a person knowledgeable in business or finance.

It also eliminates the governor's appointment of a financial aid officer at an eligible institution and changes one of the governor's appointees from a representative of the private colleges to a representative of an eligible higher education institution.

By law, an eligible institution is any institution that satisfies the eligibility requirements for participation in the Federal Family Education Loan Program authorized under Title IV, Part B of the 1965 Higher Education Act. This includes public or private nonprofit, proprietary, and postsecondary vocational institutions.

EFFECTIVE DATE: July 1, 2008

OLR Tracking: RP: SP: PF: ts