Washington · statute · Wash. Rev. Code ch. 28B.93 · 7 active provisions
(1) The legislature finds that college students continue to borrow in order to fund their higher education, despite an increase in access to state financial aid. In Washington state, estimates for the number of borrowers carrying student loan debt are around 800,000 with an average balance around $33,500, resulting in…
The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.(1) "Borrower" means an eligible student who has received a student loan under the Washington student loan program.(2) "Eligible expenses" means reasonable expenses associated with the costs of acquiring a postse…
(1) The Washington student achievement council, in consultation with the office of the state treasurer and the state investment board, shall design a student loan program to assist students who need additional financial support to obtain postsecondary education.(2) At a minimum, the program design must make recommendat…
(1) The Washington student loan program is created to assist students who need additional financial support to obtain postsecondary education. Beginning in the 2025-26 academic year, the office may award student loans under the program to eligible students from the funds available in RCW 28B.93.060.(2) The program shal…
The office may contract with one or more state-based financial institutions regulated by either chapter 31.12 RCW or chapter 30A.04 RCW to provide loan origination and may contract with a third-party entity to provide loan servicing for the program. A third-party entity providing loan servicing shall comply with all of…
(1) The office shall collect data on the program in collaboration with the institutions of higher education. The data must include, but is not limited to:(a) The number of eligible students who were awarded a student loan;(b) The number of borrowers;(c) The average borrowed annual and total balances;(d) Borrower demogr…
(1) The Washington student loan account is created in the state treasury. All receipts from the Washington student loan program must be deposited in the account. Expenditures from the account may be used only for administration and the issuance of new student loans. Moneys in the account may be spent only after appropr…