BILL REQ. #:  H-2019.1 

Read first time 02/17/09.   Referred to Committee on Higher Education.

     AN ACT Relating to creating a state student loan program with a dedicated revenue source; and creating a new section.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION.  Sec. 1   The legislature finds that providing broad access to higher education is key to assuring that Washingtonians can find and keep living wage jobs. Assuring access requires that people not only have the required preparation and desire, but also requires the financial means.
     The legislature further finds that the federal and state governments, in combination with the institutions of higher education, have invested significant resources in student financial assistance. Even with this investment, many students still cannot afford the remaining bill.
     It is therefore the intent of the legislature to create a state student loan program to help bridge the gap between falling just short of attending college and being able to achieve one's educational goals. Offering an affordable means to help cover the cost of attendance will ensure broad access.
     However, offering this assurance will require a steady, predictable funding stream. If students begin to rely on the existence of state loans, then the state must provide a dedicated revenue source to guarantee the supply of credit. Therefore, it is the further intent of the legislature to dedicate a percentage of profits from the state lottery to fund the new state student loan program.