RCW 28B.93.030
Program administration.
(1) The Washington student loan program is created to assist students who need additional financial support to obtain postsecondary education. Beginning in the 2024-25 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 shall be administered by the office. To the extent practicable, the program design must include the recommendations for program design as provided in the report required under RCW 28B.93.020. Student loans shall not be issued unless the program design recommended in RCW 28B.93.020 is forecasted by an independent actuary to be self-sustaining and the interest rates for the loans issued under the program do not exceed one percent.
(3) The office is responsible for providing administrative support to execute the duties and responsibilities provided in this chapter. The duties and responsibilities include:
(a) Ensure institutions of higher education have a policy for awarding student loans under the program that prioritizes funding for eligible students who have greater unmet financial need, are lowest income, are first generation college students, and who have received loans under the program in prior years;
(b) Issue low-interest student loans;
(c) Define the terms of repayment;
(d) Collect and manage repayments from borrowers;
(e) Establish an appeals process;
(f) Exercise discretion to revise repayment obligations in certain cases, such as economic hardship or disability;
(g) Publicize the program; and
(h) Adopt necessary rules.
(4) The office is responsible for establishing and administering an appeals process that resolves appeals from borrowers within ninety days of receipt.
[ 2022 c 206 § 4.]