The Alabama Legislature approved a bill Tuesday to create a loan program for universities in financial distress after Gov. Kay Ivey returned the original bill with an executive amendment.
Senate Bill 278 (SB278), sponsored by State Sen. Jabo Waggoner (R-Vestavia Hills), also called the Distressed Institutions of Higher Education Revolving Loan Program, would create the loan program administered by the State Treasurer. To be eligible, the college must have operated in the state for over 50 years, be experiencing financial hardship that could lead to the institution’s closure, and have assets sufficient to pledge as collateral.
