Text: S05706 Text: S05708 Text: S05700 - S05799 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend the amendment, S-5631, to House File 2533, as
1 2 amended, passed, and reprinted by the House, as
1 3 follows:
1 4 #1. Page 3, by striking line 48 and inserting the
1 5 following: "30, line 6, and inserting the following:
1 6 "Sec. ___. NEW SECTION. 261.56 RETAINING OUR
1 7 ACHIEVERS LOAN PROGRAM.
1 8 1. A retaining our achievers loan program is
1 9 established to be administered by the college student
1 10 aid commission as provided in this section. The
1 11 purpose of the loan program is to increase the number
1 12 of Iowans who remain residents of this state upon
1 13 graduation from an accredited postsecondary
1 14 institution in Iowa.
1 15 2. An individual is eligible for the program if
1 16 the individual meets all of the following conditions:
1 17 a. Is a resident of this state who is accepted for
1 18 enrollment in an academic or vocational-technical
1 19 program at an institution of higher learning under the
1 20 control of the state board of regents, a community
1 21 college, or an accredited private institution as
1 22 defined in section 261.9.
1 23 b. Has filed an application with the commission
1 24 using procedures specified in section 261.16.
1 25 c. Agrees to remain a resident of Iowa for at
1 26 least one year after attaining a certificate, diploma,
1 27 or undergraduate degree as provided in this section,
1 28 for each year the individual received a loan.
1 29 3. The annual amount of a loan to a qualified
1 30 student shall be the amount of the student's financial
1 31 need for that period, but shall not exceed the
1 32 resident tuition rate established for institutions of
1 33 higher learning under the control of the state board
1 34 of regents. Loans for full-time students shall be
1 35 granted for not more than five years, and for part-
1 36 time students shall be granted for not more than ten
1 37 years.
1 38 4. The commission shall adopt rules under chapter
1 39 17A to administer the program. The commission shall
1 40 set a final date for submission of applications each
1 41 year and shall review the applications and inform the
1 42 recipients within a reasonable time after the
1 43 deadline.
1 44 Sec. ___. NEW SECTION. 261.57 PAYMENT OF
1 45 RETAINING OUR ACHIEVERS LOAN – FUND.
1 46 1. Payment of a loan made under the retaining our
1 47 achievers loan program under section 261.56 shall
1 48 begin one year after a recipient completes the
1 49 academic or vocational-technical program for which
1 50 tuition and fees were received except as otherwise
2 1 provided in this section.
2 2 2. If the recipient was a full-time student and
2 3 submits evidence to the commission that the recipient
2 4 was a resident of this state during the year following
2 5 the completion of the academic or vocational-technical
2 6 program and the achievement of a certificate, diploma,
2 7 or degree as provided in this section, the commission
2 8 shall cancel the loan amount the recipient accumulated
2 9 under the loan program in the first year in which the
2 10 recipient received a loan from the commission. For
2 11 each succeeding year in which the recipient certifies
2 12 residency to the commission, the commission shall
2 13 cancel one year of the loan amount.
2 14 3. If the recipient was a full-time student and
2 15 submits evidence to the commission that the recipient
2 16 was a resident of the state during the second
2 17 succeeding year following completion of the academic
2 18 or vocational-technical program and the achievement of
2 19 a certificate, diploma, or degree as provided in this
2 20 section, the commission shall cancel the loan amount
2 21 the recipient accumulated under the loan program in
2 22 the second year in which the recipient received a loan
2 23 from the commission. For each succeeding year in
2 24 which the recipient certifies residency to the
2 25 commission, the commission shall cancel one year of
2 26 the loan amount, or the remainder of the loan amount,
2 27 whichever is less.
2 28 4. If the recipient was a full-time student and
2 29 submits evidence to the commission that the recipient
2 30 was a resident of the state during the third
2 31 succeeding year following completion of the academic
2 32 or vocational-technical program and the achievement of
2 33 a certificate, diploma, or degree as provided in this
2 34 section, the commission shall cancel the loan amount
2 35 the recipient accumulated under the loan program in
2 36 the third year in which the recipient received a loan
2 37 from the commission. For each succeeding year in
2 38 which the recipient certifies residency to the
2 39 commission, the commission shall cancel one year of
2 40 the loan amount, or the remainder of the loan amount,
2 41 whichever is less.
2 42 5. If the recipient was a full-time student and
2 43 submits evidence to the commission that the recipient
2 44 was a resident of the state during the fourth
2 45 succeeding year following completion of the academic
2 46 or vocational-technical program and the achievement of
2 47 a certificate, diploma, or degree as provided in this
2 48 section, the commission shall cancel the loan amount
2 49 the recipient accumulated under the loan program in
2 50 the fourth year in which the recipient received a loan
3 1 from the commission. For each succeeding year in
3 2 which the recipient certifies residency to the
3 3 commission, the commission shall cancel one year of
3 4 the loan amount, or the remainder of the loan amount,
3 5 whichever is less.
3 6 6. If the recipient was a full-time student and
3 7 submits evidence to the commission that the recipient
3 8 was a resident of the state during the fifth
3 9 succeeding year following completion of the academic
3 10 or vocational-technical program and the achievement of
3 11 a certificate, diploma, or degree as provided in this
3 12 section, the commission shall cancel the loan amount
3 13 the recipient accumulated under the loan program in
3 14 the fifth year in which the recipient received a loan
3 15 from the commission. For each succeeding year in
3 16 which the recipient certifies residency to the
3 17 commission, the commission shall cancel one year of
3 18 the loan amount, or the remainder of the loan amount,
3 19 whichever is less.
3 20 7. The commission shall determine a loan
3 21 cancellation timetable for part-time students
3 22 equivalent to the timetable described for full-time
3 23 students under this section.
3 24 8. There is created a retaining our achievers loan
3 25 payment fund for deposit of payments made by
3 26 recipients. Payments made by recipients of the loans
3 27 shall be used to supplement moneys appropriated to the
3 28 guaranteed loan payment program. Any funds remaining
3 29 on June 30 of a fiscal year shall be transferred from
3 30 the fund created in this section to the general fund
3 31 of the state.
3 32 9. The interest rate collected on a retaining our
3 33 achievers loan shall be equal to the interest rate
3 34 being collected by an eligible lender under the
3 35 guaranteed loan payment program.
3 36 10. The commission shall prescribe by rule the
3 37 terms of repayment.""
3 38 #2. By renumbering as necessary.
3 39
3 40
3 41
3 42 PATRICIA HARPER
3 43 JOHN P. KIBBIE
3 44 ROD HALVORSON
3 45 BILL FINK
3 46 ROBERT E. DVORSKY
3 47 HF 2533.233 77
3 48 kh/jl/28
Text: S05706 Text: S05708 Text: S05700 - S05799 Text: S Index Bills and Amendments: General Index Bill History: General Index
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