Location: SCR 352
Confirmation of Collegeinvest
SENATE COMMITTEE ON EDUCATION
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02:37 PM -- Presentation on College Assist and CollegeInvest
Senator Hill invited Kachina Weaver, Legislative Liaison, Department of Higher Education (DHE), and Angela Baier, CEO of CollegeInvest, to come to the table to begin their presentation on College Assist and CollegeInvest. Copies of a handout were distributed to the committee (Attachment E). Ms. Baier explained that Colorado statute requires that the CEO of CollegeInvest also be the CEO of College Assist, both of which are Enterprise Funds within DHE. She told the committee that College Assist acts as the insurer for student loans issued under the Federal Family Education Loan program, and no longer makes direct loans. She said the program is charged with managing about $9 billion in guaranteed loans, and focusing on default diversion and loan rehabilitation. She explained that College Assist does not receive any state taxpayer dollars, and no longer receives loan origination fees. Ms. Baier then spoke about CollegeInvest, and the types of college savings plans available for families. She spoke about the fees charged, and stated that CollegeInvest is the fastest growing 529 program in the nation, growing on average 8 percent per year as opposed to the 4 percent national average. Ms. Baier spoke about the cost of college, and about CollegeInvest's matching grant and 529 scholarship program. Ms. Baier and Ms. Weaver answered questions from the committee.