-Higher Education Loan System Act of 582AER-

Preamble: It has always been a topic of debate how much the Federal Government should be involved both in the running and provision of Educational services. For the past few decades the Government has provided Government loans to all students wishing to study at University to enable them to afford the fees and living costs, this now totals over 80 Billion fall a year. In these times of tough financial conditions we must review what the Federal Government provides and whether this service cannot be offered better by private bodies and institutions. It is in that spirit that this bill has been drawn up.
==DEFINITION==
An Act which outlays the Government's plan for the privatisation of the Student Loans body.
==Higher Education Loan System Act of 582AER==
Be it enacted by the Emperor's most Excellent Majesty, Vinther III, by and with the advice and consent of the Chamber of Deputies and the Imperial Senate, in this present Parliament assembled, and by the authority of the same, as follows:--
==Section I: Privatisation of the "Student Loans" body.==
I: The Student Loans body which is owned by the Imperial Government will henceforth be sold off to private companies and investors in its entirety.
II: This change will not affect the applications or financial support of any student currently enrolled or in the process of enrolling for University within this current educational year.
==Section II: The responsibilities of the private companies==
I: The companies which purchase this business are responsible for provide all students, regardless of personal financial situation, loans equivalent to the cost of their tuition and maintenance to enable them to study without impediment.
-- A: The level of Maintenance funding is to be outlined by the Department for Education yearly.
II: All companies are required to register with the Department of Education upon offering this service and must sign a contract agreeing to following Government rules and regulations on their services.
==Section III: Rules and Regulations.==
I: The companies who offer this service are able to vary the rate of interest charged on their loans every new educational year.
-- A: The level of interest cannot exceed 5% per annum.
-- B: The level of interest cannot be raised on existing loans nor can it be changed within a students time in higher education.
II: Repayments of a students' loans cannot begin when they are earning below 20,000 fall and their level of repayment should not exceed 7.5% of their earnings above this figure.
III: The Department of Education is responsible for setting up a service to allow students to report companies which break these rules or pursue malpractice direct to the Department.
IV: The Department of Education maintains the right to deny or strip a company of it's right to operate within this sector should it be found guilty of malpractice or breaking these regulations.
 
Category:The Institute of Laws and Regulations