Text: S05087 Text: S05089 Text: S05000 - S05099 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend Senate File 2366 as follows:
1 2 #1. Page 1, by inserting after line 30 the
1 3 following:
1 4 "Sec. . COLLEGE STUDENT AID COMMISSION. There
1 5 is appropriated from the general fund of the state to
1 6 the college student aid commission for the fiscal year
1 7 beginning July 1, 1998, and ending June 30, 1999, the
1 8 following amount, or so much thereof as is necessary,
1 9 to be used for the purposes designated:
1 10 For teacher loan payments pursuant to section
1 11 261.111:
1 12 .................................................. $ 500,000"
1 13 #2. Page 14, by inserting before line 14 the
1 14 following:
1 15 "Sec. . NEW SECTION. 261.111 TEACHER SHORTAGE
1 16 LOAN PAYMENT PROGRAM.
1 17 1. A teacher shortage loan payment program is
1 18 established to be administered by the college student
1 19 aid commission as provided in this section. The
1 20 purpose of the loan payment program is to attract
1 21 Iowa's youth and adults to consider a career in
1 22 teaching, to increase the diversity of the state's
1 23 teaching profession, and to increase the number of
1 24 qualified teachers in areas of the state experiencing
1 25 a shortage of teachers. An individual is eligible for
1 26 the program if the individual meets all of the
1 27 following conditions:
1 28 a. Is a resident of this state who is enrolled at
1 29 an institution of higher learning under the control of
1 30 the state board of regents or an accredited private
1 31 institution as defined in section 261.9.
1 32 b. Is enrolled in one or more of the subject areas
1 33 determined by the department of education and
1 34 recognized by the United States department of
1 35 education as experiencing a shortage of teachers.
1 36 c. Has filed a loan application with the
1 37 commission.
1 38 d. Meets the requirements for a teacher shortage
1 39 loan established in this chapter and by administrative
1 40 rule.
1 41 2. A teacher shortage loan shall be awarded for
1 42 not more than the equivalent of two years and may be
1 43 awarded to an eligible individual under this section
1 44 if the student agrees to teach for two years in an
1 45 area in this state that the department of education
1 46 has determined, and the United States department of
1 47 education recognizes, is experiencing a shortage of
1 48 teachers. A loan issued in accordance with this
1 49 section, and the interest that accrues on the loan,
1 50 shall not become due and payable until one year after
2 1 the individual graduates. If a recipient submits
2 2 evidence to the commission that the recipient was
2 3 employed as a teacher in a teacher shortage area for a
2 4 school year in accordance with this section, fifty
2 5 percent of the principal amount of the loan and any
2 6 interest accruing on fifty percent of the principal
2 7 amount of the loan are canceled. If the recipient
2 8 continues employment as a teacher in a teacher
2 9 shortage area as provided in this section during the
2 10 next succeeding school year and submits evidence to
2 11 the commission of the continuation of teaching
2 12 employment, the recipient is not required to commence
2 13 repayment during that school year and at the end of
2 14 that school year the remaining fifty percent of the
2 15 principal amount of the loan, and any interest
2 16 accruing on the principal amount of the loan, are
2 17 canceled.
2 18 3. The interest rate on the loan shall be equal to
2 19 the interest rate collected by an eligible lender
2 20 under the Iowa guaranteed student loan program for the
2 21 year in which the loan is made.
2 22 4. The commission shall prescribe by rule the
2 23 terms of repayment. The commission shall set a final
2 24 date for submission of applications each year and
2 25 shall review the applications and inform the
2 26 recipients within a reasonable time after the
2 27 deadline.
2 28 5. The maximum loan a student is eligible to
2 29 receive annually is an amount equal to the annual
2 30 resident undergraduate tuition rate established for
2 31 institutions of higher learning under the control of
2 32 the state board of regents. Eligible students may
2 33 receive both a tuition grant and a teacher shortage
2 34 loan.
2 35 6. A teacher shortage loan payment fund is
2 36 established in the office of the treasurer of state
2 37 for deposit of payments made by loan recipients who do
2 38 not fulfill the cancellation conditions of the loan
2 39 program. Payments made by recipients on the loans
2 40 shall be used to supplement moneys appropriated to the
2 41 teacher shortage loan payment program.
2 42 Notwithstanding section 8.33, moneys deposited in the
2 43 teacher shortage loan payment fund shall not revert to
2 44 the general fund of the state at the end of any fiscal
2 45 year, but shall remain in the teacher shortage loan
2 46 payment fund and be continuously available to make
2 47 additional loans under the program."
2 48 #3. By renumbering as necessary.
2 49
2 50
3 1
3 2 TOM VILSACK
3 3 JOHN P. KIBBIE
3 4 PATRICK J. DELUHERY
3 5 SF 2366.205 77
3 6 kh/jl/28
Text: S05087 Text: S05089 Text: S05000 - S05099 Text: S Index Bills and Amendments: General Index Bill History: General Index
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