74R8687 JSA-D By Maxey H.B. No. 1697 Substitute the following for H.B. No. 1697: By Ogden C.S.H.B. No. 1697 A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to providing information to students applying for 1-3 guaranteed student loans relating to the graduation, placement, and 1-4 student loan default rates for certain postsecondary educational 1-5 institutions. 1-6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-7 SECTION 1. Subchapter C, Chapter 61, Education Code, is 1-8 amended by adding Section 61.0735 to read as follows: 1-9 Sec. 61.0735. NOTICE RELATING TO GUARANTEED STUDENT LOANS. 1-10 (a) In this section: 1-11 (1) "Guaranteed student loan" means a loan guaranteed 1-12 under the Higher Education Act of 1965 (20 U.S.C. Section 1001 et 1-13 seq.) or other federal law the purpose of which is to provide money 1-14 for a person to attend a postsecondary educational institution. 1-15 (2) "Postsecondary educational institution" has the 1-16 meaning assigned by Section 57.02. 1-17 (b) The board shall collect and maintain information 1-18 relating to guaranteed student loans for each postsecondary 1-19 educational institution in this state that does not grant 1-20 baccalaureate or postgraduate degrees and is eligible to enroll a 1-21 student receiving a guaranteed student loan. The information 1-22 collected by the board must include, to the extent practicable: 1-23 (1) the graduation rate for students enrolled in the 1-24 institution; 2-1 (2) the career placement rate for students graduating 2-2 from the institution; and 2-3 (3) the guaranteed student loan default rate of 2-4 students who have received guaranteed student loans to attend the 2-5 institution. 2-6 (c) The board shall prepare materials for distribution to a 2-7 student applying for a guaranteed student loan to attend an 2-8 institution to which this section applies designed to inform the 2-9 student of the graduation, placement, and loan default rates for 2-10 the institution collected under Subsection (b). The board may 2-11 provide the information in any form the board considers reasonable 2-12 and may provide rates for the institution as a whole or for 2-13 particular programs of the institution. 2-14 (d) The board by rule shall require: 2-15 (1) postsecondary educational institutions covered by 2-16 this section and entities administering guaranteed student loans in 2-17 this state to report information that the board requires for the 2-18 administration of this section; and 2-19 (2) each entity that administers guaranteed student 2-20 loans in this state to provide each applicant for a guaranteed 2-21 student loan to attend an institution to which this section applies 2-22 with the materials prepared by the board under Subsection (c). 2-23 SECTION 2. (a) This Act takes effect September 1, 1995. 2-24 (b) The Texas Higher Education Coordinating Board shall 2-25 prepare materials for distribution to students applying for 2-26 guaranteed student loans as required by Section 61.0735, Education 2-27 Code, as added by this Act, not later than September 1, 1996. 3-1 SECTION 3. The importance of this legislation and the 3-2 crowded condition of the calendars in both houses create an 3-3 emergency and an imperative public necessity that the 3-4 constitutional rule requiring bills to be read on three several 3-5 days in each house be suspended, and this rule is hereby suspended.