Text: S03638 Text: S03640 Text: S03600 - S03699 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend Senate File 549 as follows:
1 2 #1. Page 15, line 20, by striking the figure
1 3 "169,658,402" and inserting the following:
1 4 "169,908,402".
1 5 #2. Page 16, by striking line 13 and inserting the
1 6 following:
1 7 "f. Agricultural forgivable loan program
1 8 For purposes of providing agricultural forgivable
1 9 loans under the program established in section
1 10 261.113:"
1 11 #3. Page 26, by inserting after line 22 the
1 12 following:
1 13 "Sec. ___. NEW SECTION. 261.113 AGRICULTURAL
1 14 FORGIVABLE LOAN PROGRAM.
1 15 1. There is established an agricultural forgivable
1 16 loan program to be administered by the college student
1 17 aid commission. An individual is eligible for the
1 18 forgivable loan program if the individual meets all of
1 19 the following conditions:
1 20 a. Is a resident of rural Iowa who graduated from
1 21 a high school in Iowa and is enrolled in the Iowa
1 22 state university of science and technology.
1 23 b. Completes and files an application for an
1 24 agricultural forgivable loan. The individual shall be
1 25 responsible for the submission of the parents'
1 26 confidential statement for processing to both the
1 27 commission and the institution in which the applicant
1 28 is enrolling.
1 29 c. Reports promptly to the commission any
1 30 information requested.
1 31 d. Files a new application and parents'
1 32 confidential statement annually on the basis of which
1 33 the applicant's eligibility for a renewed agricultural
1 34 forgivable loan will be evaluated and determined.
1 35 2. Forgivable loans to eligible students shall not
1 36 become due until after the student graduates or leaves
1 37 school. If the person remains an Iowa resident and is
1 38 employed in an agriculturally related enterprise, as
1 39 determined by Iowa state university of science and
1 40 technology, for five years immediately following
1 41 graduation, the person is not responsible for payment
1 42 of the principal amount of the loan and shall not pay
1 43 interest on the loan. If the commission determines
1 44 that the person does not meet the criteria for
1 45 forgiveness of the principal and interest payments,
1 46 the commission shall establish a plan for repayment of
1 47 the principal and interest over a ten-year period. If
1 48 a person required to make the repayment does not make
1 49 the required payments, the commission shall provide
1 50 for payment collection.
2 1 3. There is created an agricultural forgivable
2 2 loan repayment fund for deposit of payments made by
2 3 forgivable loan recipients who do not fulfill the
2 4 conditions of the forgivable loan program.
2 5 Notwithstanding section 8.33, moneys deposited in the
2 6 agricultural forgivable loan repayment fund shall not
2 7 revert to any fund at the end of any fiscal year but
2 8 shall remain in the agricultural forgivable loan
2 9 repayment fund and be continuously available to make
2 10 additional loans under the program.
2 11 Sec. ___. NEW SECTION. 261.114 AGRICULTURAL
2 12 FORGIVABLE LOAN ADMINISTRATION.
2 13 1. The college student aid commission shall
2 14 administer the agricultural forgivable loan program.
2 15 The loan amount is limited to an amount equal to the
2 16 resident tuition rate at the Iowa state university of
2 17 science and technology. The amount of an agricultural
2 18 forgivable loan shall not exceed the amount of the
2 19 student's established financial need.
2 20 2. The interest rate for the forgivable loan shall
2 21 be equal to the interest rate collected by an eligible
2 22 lender under the Iowa guaranteed student loan program
2 23 for the year in which the forgivable loan is made."
2 24 #4. By renumbering as necessary.
2 25
2 26
2 27
2 28 ROD HALVORSON
2 29 PATTY JUDGE
2 30 SF 549.714 77
2 31 kh/sc/28
Text: S03638 Text: S03640 Text: S03600 - S03699 Text: S Index Bills and Amendments: General Index Bill History: General Index
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