Section 94158 Of Article 4.1. California Student Loan Refinancing Program From California Education Code >> Division 10. >> Title 3. >> Part 59. >> Chapter 2. >> Article 4.1.
94158
. (a) The California Student Loan Refinancing Program is
hereby established under the administration of the authority. The
goal of the program is to help college graduates who meet the
eligibility criteria of the program, who are defined as qualified
borrowers under Section 94157, to refinance student loan debt at
favorable rates. This goal would be achieved through the creation of
a revolving fund so that additional refinancing may occur to help
more qualified borrowers, and through the creation of a loan loss
reserve that can be leveraged by private lenders in the private
student loan market.
(b) The authority may contract with any financial institution for
the purpose of allowing the financial institution to participate in
the program.
(c) A credit union operating pursuant to a certificate issued
under the California Credit Union Law (Division 5 (commencing with
Section 14000) of the Financial Code) may participate in the program
only to the extent participation is in compliance with the California
Credit Union Law. Nothing in this article shall be construed to
limit the authority of the Commissioner of Business Oversight to
regulate credit unions subject to the commissioner's jurisdiction
under the California Credit Union Law.