California DREAM Loan Program: limits.
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Majority
Fiscal committee
No
Appropriation
No
Current location
Chaptered
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
California Assembly Bill 681 modifies the California DREAM Loan Program by increasing the maximum loan amounts available to students. Specifically, it raises the undergraduate annual borrowing limit to $4,000 and the graduate annual borrowing limit to $20,500. The bill also increases the overall aggregate loan limits for graduate students to $118,500, while maintaining the undergraduate aggregate limit at $20,000, resulting in a combined maximum loan amount of $138,500 for students pursuing both undergraduate and graduate degrees.
Key provisions
- Increases the maximum undergraduate annual loan amount to $4,000.
- Increases the maximum graduate annual loan amount to $20,500.
- Increases the maximum graduate aggregate loan amount to $118,500.
- Maintains the maximum undergraduate aggregate loan amount at $20,000.
- Establishes a combined maximum loan amount of $138,500 for students pursuing both undergraduate and graduate degrees.
- Requires participating institutions to offer income-based repayment plans.
- Mandates loan forgiveness options similar to the Federal Perkins Loan Program.
- Allows for administrative relief during national and state emergencies.
Who is affected
- California residents pursuing higher education
- University of California and California State University students
- Graduate students
- Undergraduate students
- Participating institutions
Bill text
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Sponsors
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1 on record
Primary sponsor
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