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Jun. 2, 2022 - WA preps state-run student loan program
6/2/2022 | 1m 15sVideo has Closed Captions
As interest rates rise, WA preps state-run student loan program.
Washington lawmakers passed a bill this legislative session to establish a low-interest student loan program.
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Crosscut Now is a local public television program presented by Cascade PBS
Crosscut Now
Jun. 2, 2022 - WA preps state-run student loan program
6/2/2022 | 1m 15sVideo has Closed Captions
Washington lawmakers passed a bill this legislative session to establish a low-interest student loan program.
Problems playing video? | Closed Captioning Feedback
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As interest rates rise, Washington is preparing a state run student loan program.
In March, Governor Jay Inslee signed House Bill 1736 establishing a low interest student loan program.
The legislation passed both houses on nearly a party line vote.
According to the bill's text, Washington has an estimated 800,000 people with student debt with an average debt of about $33,500.
The Washington program arrives at a time when Democratic legislators at the federal level are pushing President Joe Biden to reduce student loan debts for borrowers by $50,000.
State lawmakers plan to pay for the program with a one time deposit of $150 million.
The Washington Student Achievement Council will need to contract with an actuary to analyze the plan.
I'm Starla Sampaco.
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