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Text: HF00574                           Text: HF00576
Text: HF00500 - HF00599                 Text: HF Index
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House File 575

Partial Bill History

Bill Text

  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

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