148th
GENERAL ASSEMBLY
FISCAL
NOTE
|
DESCRIPTION: AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO
STUDENT LOANS.
|
ASSUMPTIONS:
1.
The
Bill would become effective January 1, 2017.
2. This Bill creates a Student Loan
Ombudsman position in the Office of the State Banking Commissioner. This
position would provide assistance to resident student loan borrowers,
including:
a.
Receiving,
reviewing, and resolving borrower complaints.
b.
Assisting
borrowers in understanding their rights and responsibilities related to their
loans.
c.
Presenting
borrower concerns and solutions to the public, agencies, and State Legislators.
d.
Monitor
changes in student loan related Federal, State, and Local policies and
regulations.
e.
Create
and maintain a student loan borrower education course.
3.
Effective
January 1, 2018, this Bill requires the State Banking Commission to submit an
annual report to the Senate Banking and Business and House Economic Development
Committees regarding the implementation and effectiveness of this position and
recommendations that benefit student loan borrowers.
4.
Fiscal
note assumes Student Loan Ombudsman at a pay grade 20, 80% of Mid-point
($61,848), plus Other Employee Benefits ($33,705) for a total annual cost of
$95,553. Position’s hire date is assumed effective January 1, 2017.
Cost:
Fiscal Year 2017 $47,776 (6-months’ salary &
benefits)
Fiscal Year 2018 $95,553 (Full year salary &
benefits)
Fiscal Year 2019 $95,553 (Full year salary &
benefits)
Office of
Controller General
(Amounts are shown in whole dollars)
May 02, 2016
AFJ:AFJ
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