Text: HF00574 Text: HF00576 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 261.17A IOWA HOPE LOAN PROGRAM.
1 2 1. An Iowa hope loan may be awarded to a resident of Iowa
1 3 who is admitted and in attendance as a student in a single,
1 4 twelve-month or less, vocational-technical or career option
1 5 program in a community college in the state, who meets the
1 6 eligibility requirements for a Pell grant, and who is working
1 7 toward certification, a diploma, or a degree in a skilled
1 8 occupation. In addition, an eligible applicant shall have
1 9 obtained the bona fide intent of a company operating in Iowa
1 10 to employ the applicant upon the applicant's attainment of a
1 11 certificate, diploma, or degree, or shall be currently
1 12 employed by a company operating in Iowa that has expressed a
1 13 bona fide intent to advance the employee in employment upon
1 14 the employee's attainment of a certificate, diploma, or
1 15 degree.
1 16 2. A student who meets the qualifications of subsection 1
1 17 may receive an Iowa hope loan for not more than twelve months.
1 18 A student shall not receive assistance for courses for which
1 19 credit was previously received.
1 20 3. The amount of an Iowa hope loan shall not exceed the
1 21 cost of tuition for the community college program in which the
1 22 student is enrolled and attends. If a student receives
1 23 financial aid under any other program, the full amount of that
1 24 financial aid shall be considered part of the student's
1 25 financial resources available in determining the amount of the
1 26 Iowa hope loan.
1 27 4. Payments under the loan shall be allocated equally
1 28 among the semesters or quarters of the year upon certification
1 29 by the community college that the student is in attendance in
1 30 a vocational-technical or career option program, as defined
1 31 under rules of the department of education. If the student
1 32 discontinues attendance before the end of any term after the
1 33 community college receives payment from the loan, the entire
1 34 amount of any refund due that student, up to the amount of any
1 35 payments made to the community college from the loan, shall be
2 1 paid by the community college to the state.
2 2 5. The commission shall administer this program and shall
2 3 do all of the following:
2 4 a. Provide application forms for distribution to students
2 5 by Iowa high schools and community colleges.
2 6 b. Adopt rules for determining financial need, requiring
2 7 that no interest be charged for an Iowa hope loan, defining
2 8 residence for the purposes of this section, processing and
2 9 approving applications for grants, determining priority for
2 10 loans, and establishing procedures for the repayment of the
2 11 loan. The repayment schedule shall commence not less than six
2 12 months after the loan recipient successfully completes the
2 13 program and is awarded a certificate, a diploma, or a degree
2 14 in a skilled occupation. The repayment schedule may be
2 15 suspended if the loan recipient is a full-time student in an
2 16 accredited postsecondary institution.
2 17 c. Approve and award loans on an annual basis. A student
2 18 approved for a loan under the program shall enter into a
2 19 payment agreement with the commission before receiving a loan
2 20 under the program.
2 21 d. Make an annual report to the governor and general
2 22 assembly.
2 23 6. Each applicant, in accordance with the rules
2 24 established by the commission, shall do all of the following:
2 25 a. Complete and file an application for an Iowa hope loan.
2 26 b. Be responsible for the submission of the financial
2 27 information provided for evaluation of the applicant's need
2 28 for a loan, on forms provided by the commission.
2 29 c. Report promptly to the commission any necessary
2 30 information requested by the commission.
2 31 7. An Iowa hope loan revolving fund is created in the
2 32 state treasury as a separate fund under the control of the
2 33 commission. All moneys deposited or paid into the fund are
2 34 appropriated and made available to the college student aid
2 35 commission to be used for loans as provided in this section.
3 1 The commission shall deposit payments made by Iowa hope loan
3 2 recipients into the Iowa hope loan fund. Notwithstanding
3 3 section 8.33, any balance in the fund on June 30 of each
3 4 fiscal year shall not revert to the general fund of the state,
3 5 but shall be available for the purposes of this section in
3 6 subsequent fiscal years.
3 7 8. Loans awarded under this section are subject to the
3 8 limitations of any appropriations made by the general assembly
3 9 and of the moneys in the revolving fund. The amount of a loan
3 10 awarded to an eligible student shall not be less than five
3 11 hundred dollars and shall not exceed one thousand dollars.
3 12 However, if full tuition is less than five hundred dollars,
3 13 the amount of the loan shall be for not more than an amount
3 14 equal to the full tuition.
3 15 HF 575
3 16 kh/pk/25
Text: HF00574 Text: HF00576 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
Search: House Bills and Amendments (76th General Assembly)
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