Bill requires loan agency to come up with rate-lowering plan

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HARTFORD, Conn. (AP) — Connecticut's college financing authority would be required to come up with a plan to offer students lower interest student loans.

Under the bill, the Connecticut Higher Education Supplemental Loan Authority will have to report back to the General Assembly before Feb. 1, 2016. The legislation passed the House of Representatives Monday on a 141-0 vote. It now moves to the Senate.

CHESLA was created by the state in 1982 to help students and families finance higher education. The authority has been an alternative source of student aid for those who don't qualify for need-based loans or need to borrow more than the maximum amounts provided by other loan programs.

Rep. Matthew Lesser said lawmakers have heard from constituents that CHESLA is "not doing quite enough" to make the loans affordable.

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