College loans: rates.

Existing law authorizes educational institutions of collegiate grade to make loans or forbearances to finance student educational expenses including tuition, room and board, and other costs of attendance or living at the institution, at rates not to exceed the higher of 10% per annum or 5% per annum plus the rate established by the Federal Reserve Bank of San Francisco, as provided. This bill would change those rates to 7.5% per annum or 3% per annum plus the rate established by the Federal Reserve Bank of San Francisco, as provided. The bill would also update an obsolete reference.