Text: S05618 Text: S05620 Text: S05600 - S05699 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend Senate File 2414 as follows: 1 2 #1. Page 3, by inserting after line 10 the 1 3 following: 1 4 "Sec. ___. NEW SECTION. 261.56 RETAINING OUR 1 5 ACHIEVERS LOAN PROGRAM. 1 6 1. A retaining our achievers loan program is 1 7 established to be administered by the college student 1 8 aid commission as provided in this section. The 1 9 purpose of the loan program is to increase the number 1 10 of Iowans who remain residents of this state upon 1 11 graduation from an accredited postsecondary 1 12 institution in Iowa. 1 13 2. An individual is eligible for the program if 1 14 the individual meets all of the following conditions: 1 15 a. Is a resident of this state who is accepted for 1 16 enrollment in an academic or vocational-technical 1 17 program at an institution of higher learning under the 1 18 control of the state board of regents, a community 1 19 college, or an accredited private institution as 1 20 defined in section 261.9. 1 21 b. Has filed an application with the commission 1 22 using procedures specified in section 261.16. 1 23 c. Agrees to remain a resident of Iowa for at 1 24 least one year after attaining a certificate, diploma, 1 25 or undergraduate degree as provided in this section, 1 26 for each year the individual received a loan. 1 27 3. The annual amount of a loan to a qualified 1 28 student shall be the amount of the student's financial 1 29 need for that period, but shall not exceed the 1 30 resident tuition rate established for institutions of 1 31 higher learning under the control of the state board 1 32 of regents. Loans for full-time students shall be 1 33 granted for not more than five years, and for part- 1 34 time students shall be granted for not more than ten 1 35 years. 1 36 4. The commission shall adopt rules under chapter 1 37 17A to administer the program. The commission shall 1 38 set a final date for submission of applications each 1 39 year and shall review the applications and inform the 1 40 recipients within a reasonable time after the 1 41 deadline. 1 42 Sec. ___. NEW SECTION. 261.57 PAYMENT OF 1 43 RETAINING OUR ACHIEVERS LOAN FUND. 1 44 1. Payment of a loan made under the retaining our 1 45 achievers loan program under section 261.56 shall 1 46 begin one year after a recipient completes the 1 47 academic or vocational-technical program for which 1 48 tuition and fees were received except as otherwise 1 49 provided in this section. 1 50 2. If the recipient was a full-time student and 2 1 submits evidence to the commission that the recipient 2 2 was a resident of this state during the year following 2 3 the completion of the academic or vocational-technical 2 4 program and the achievement of a certificate, diploma, 2 5 or degree as provided in this section, the commission 2 6 shall cancel the loan amount the recipient accumulated 2 7 under the loan program in the first year in which the 2 8 recipient received a loan from the commission. For 2 9 each succeeding year in which the recipient certifies 2 10 residency to the commission, the commission shall 2 11 cancel one year of the loan amount. 2 12 3. If the recipient was a full-time student and 2 13 submits evidence to the commission that the recipient 2 14 was a resident of the state during the second 2 15 succeeding year following completion of the academic 2 16 or vocational-technical program and the achievement of 2 17 a certificate, diploma, or degree as provided in this 2 18 section, the commission shall cancel the loan amount 2 19 the recipient accumulated under the loan program in 2 20 the second year in which the recipient received a loan 2 21 from the commission. For each succeeding year in 2 22 which the recipient certifies residency to the 2 23 commission, the commission shall cancel one year of 2 24 the loan amount, or the remainder of the loan amount, 2 25 whichever is less. 2 26 4. If the recipient was a full-time student and 2 27 submits evidence to the commission that the recipient 2 28 was a resident of the state during the third 2 29 succeeding year following completion of the academic 2 30 or vocational-technical program and the achievement of 2 31 a certificate, diploma, or degree as provided in this 2 32 section, the commission shall cancel the loan amount 2 33 the recipient accumulated under the loan program in 2 34 the third year in which the recipient received a loan 2 35 from the commission. For each succeeding year in 2 36 which the recipient certifies residency to the 2 37 commission, the commission shall cancel one year of 2 38 the loan amount, or the remainder of the loan amount, 2 39 whichever is less. 2 40 5. If the recipient was a full-time student and 2 41 submits evidence to the commission that the recipient 2 42 was a resident of the state during the fourth 2 43 succeeding year following completion of the academic 2 44 or vocational-technical program and the achievement of 2 45 a certificate, diploma, or degree as provided in this 2 46 section, the commission shall cancel the loan amount 2 47 the recipient accumulated under the loan program in 2 48 the fourth year in which the recipient received a loan 2 49 from the commission. For each succeeding year in 2 50 which the recipient certifies residency to the 3 1 commission, the commission shall cancel one year of 3 2 the loan amount, or the remainder of the loan amount, 3 3 whichever is less. 3 4 6. If the recipient was a full-time student and 3 5 submits evidence to the commission that the recipient 3 6 was a resident of the state during the fifth 3 7 succeeding year following completion of the academic 3 8 or vocational-technical program and the achievement of 3 9 a certificate, diploma, or degree as provided in this 3 10 section, the commission shall cancel the loan amount 3 11 the recipient accumulated under the loan program in 3 12 the fifth year in which the recipient received a loan 3 13 from the commission. For each succeeding year in 3 14 which the recipient certifies residency to the 3 15 commission, the commission shall cancel one year of 3 16 the loan amount, or the remainder of the loan amount, 3 17 whichever is less. 3 18 7. The commission shall determine a loan 3 19 cancellation timetable for part-time students 3 20 equivalent to the timetable described for full-time 3 21 students under this section. 3 22 8. There is created a retaining our achievers loan 3 23 payment fund for deposit of payments made by 3 24 recipients. Payments made by recipients of the loans 3 25 shall be used to supplement moneys appropriated to the 3 26 guaranteed loan payment program. Any funds remaining 3 27 on June 30 of a fiscal year shall be transferred from 3 28 the fund created in this section to the general fund 3 29 of the state. 3 30 9. The interest rate collected on a retaining our 3 31 achievers loan shall be equal to the interest rate 3 32 being collected by an eligible lender under the 3 33 guaranteed loan payment program. 3 34 10. The commission shall prescribe by rule the 3 35 terms of repayment." 3 36 3 37 3 38 3 39 MICHAEL E. GRONSTAL 3 40 SF 2414.703 77 3 41 kh/sc/28
Text: S05618 Text: S05620 Text: S05600 - S05699 Text: S Index Bills and Amendments: General Index Bill History: General Index
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