Restructuring plan - legislative declaration

(1) The general assembly hereby finds and declares that: (a) Due to changes in federal law, the department shall no longer be involved in student loans that are guaranteed by the federal government; (b) There are a number of employees of the division that are involved in originating, disbursing, servicing, and administering student loans that are guaranteed by the federal government; and (c) It is in the best interest of the state for the department to prepare and submit to the general assembly a restructuring plan to deal with the changes in administering student loans. (2) On or before January 1, 2011, the department shall prepare and submit to the education committees of the senate and the house of representatives, or any successor committees, a restructuring plan to deal with changes in administering student loans. The plan shall address, but need not be limited to, the following issues: (a) Any ongoing or future role for the Colorado student obligation bond authority; (b) Whether the division should continue to originate, disburse, service, guarantee, and administer student loans; (c) If the division does not continue administering student loans, the entity that should be responsible for such administration and the authority that entity may need; (d) The number of employees necessary to administer student loans; and (e) The employment of persons who formerly were responsible for administering student loans guaranteed by the federal government.