Senate Bill 334 proposes amendments to RSA 195-E, enabling the Business Finance Authority (BFA) of New Hampshire to issue bonds and other obligations to finance student loans, thereby expanding the range of entities that can support student loan financing. The bill allows the BFA to assist in providing low-cost financial assistance for postsecondary education, aiming to make higher education more affordable and to maintain a stable secondary market for educational loans. It also repeals an unspecified section of the existing law and sets conditions for the issuance of bonds, including a requirement for approval by the governor and council that the issuance will benefit students financially.

The bill further details the powers granted to the BFA, aligning them with those of other entities previously authorized to issue bonds for student loan programs, and clarifies that the state, the authority, and the BFA are not liable for bond payments except from revenues or funds derived from student loans. It specifies that expenses incurred under this chapter are to be paid by the foundation, educational institutions, or loan corporations, not by the authority or the BFA, although the latter may waive fees or incur expenses with board approval. Additionally, the bill exempts these entities from taxes or assessments related to the administration and operation of loan programs. The proposed changes are scheduled to take effect on September 1, 2024.

Statutes affected:
Introduced: 195-E:1, 195-E:2, 195-E:10, 195-E:11, 195-E:12, 195-E:13, 195-E:15
Version adopted by both bodies: 195-E:1, 195-E:2, 195-E:10, 195-E:11, 195-E:12, 195-E:13, 195-E:15
CHAPTERED FINAL VERSION: 195-E:1, 195-E:2, 195-E:10, 195-E:11, 195-E:12, 195-E:13, 195-E:15