Text: HF02257 Text: HF02259 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. COLLEGE STUDENT AID COMMISSION. There is
1 2 appropriated from the general fund of the state to the college
1 3 student aid commission for the fiscal year beginning July 1,
1 4 1998, and ending June 30, 1999, the following amount, or so
1 5 much thereof as is necessary, to be used for the purposes
1 6 designated:
1 7 For teacher loan payments pursuant to section 261.44A:
1 8 .................................................. $ 500,000
1 9 Sec. 2. NEW SECTION. 261.44A TEACHER LOAN PAYMENT
1 10 PROGRAM.
1 11 An individual is eligible for reimbursement payments under
1 12 the guaranteed loan payment program if the individual meets
1 13 all of the following conditions:
1 14 1. Received a baccalaureate degree after January 1, 1998,
1 15 and is a teacher employed on a full-time basis under sections
1 16 279.13 through 279.19 in a school district in this state, is a
1 17 teacher in an accredited nonpublic school in this state, or is
1 18 a licensed teacher at the Iowa braille and sight saving school
1 19 or the Iowa school for the deaf.
1 20 2. As of the beginning of a school year, has an
1 21 outstanding debt with an eligible lender under the Iowa
1 22 guaranteed loan program or Iowa supplemental loans for
1 23 students program, or has parents with an outstanding debt with
1 24 an eligible lender under the PLUS loan program.
1 25 3. Has never defaulted on a loan guaranteed by the
1 26 commission or by the federal government.
1 27 4. Teaches in an area the board of educational examiners,
1 28 in consultation with the college student aid commission, has
1 29 designated as a teacher shortage area.
1 30 The maximum annual reimbursement payment to an eligible
1 31 teacher for loan payments made during a school year is one
1 32 thousand five hundred dollars or the remainder of the
1 33 teacher's loan, whichever is less. Total payments for an
1 34 eligible teacher shall not exceed seven thousand five hundred
1 35 dollars. If a teacher fails to complete a year of teaching in
2 1 a teacher-shortage area designated under subsection 4, the
2 2 teacher shall not be reimbursed for loan payments made during
2 3 that school year.
2 4 The commission may sign contracts with eligible students at
2 5 or after the time of loan origination to assure loan
2 6 repayment.
2 7 EXPLANATION
2 8 This bill creates a teacher loan payment program and
2 9 appropriates $500,000 from the state general fund to the
2 10 college student aid commission for purposes of the program.
2 11 The bill provides that a person is eligible for
2 12 reimbursement payments under the guaranteed loan payment
2 13 program if the individual received a four-year degree after
2 14 January 1, 1998; is a full-time teacher at an accredited
2 15 school; has an outstanding debt with an eligible lender under
2 16 the Iowa guaranteed loan program or the Iowa supplemental
2 17 loans for students program, or whose parents have an
2 18 outstanding debt in the PLUS program; has never defaulted on a
2 19 college student aid commission loan or federal loan; and
2 20 teaches in an area the board of educational examiners, in
2 21 consultation with the college student aid commission, has
2 22 designated a teacher shortage area.
2 23 The maximum annual amount of reimbursement under the bill
2 24 is $1,500 or the remainder of the teacher's loan, whichever is
2 25 less. Total payments are limited to $7,500. If the teacher
2 26 fails to finish the year of instruction in a designated
2 27 teacher-shortage area, no reimbursements shall be made to the
2 28 teacher for that year.
2 29 LSB 3100YH 77
2 30 kh/cf/24.1
Text: HF02257 Text: HF02259 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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