Text: SF02299 Text: SF02301 Text: SF02300 - SF02399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. NEW SECTION. 261.56 PAYMENT OF RETAINING OUR 1 2 ACHIEVERS LOAN FUND. 1 3 1. Payment of a loan made under the retaining our 1 4 achievers loan program under section 261.111 shall begin one 1 5 year after a recipient completes the academic or vocational- 1 6 technical program for which tuition and fees were received 1 7 except as otherwise provided in this section. 1 8 2. If the recipient was a full-time student and submits 1 9 evidence to the commission that the recipient was a resident 1 10 of this state during the year following the completion of the 1 11 academic or vocational-technical program and the achievement 1 12 of a certificate, diploma, or degree as provided in this 1 13 section, the commission shall cancel the loan amount the 1 14 recipient accumulated under the loan program in the first year 1 15 in which the recipient received a loan from the commission. 1 16 For each succeeding year in which the recipient certifies 1 17 residency to the commission, the commission shall cancel one 1 18 year of the loan amount. 1 19 3. If the recipient was a full-time student and submits 1 20 evidence to the commission that the recipient was a resident 1 21 of the state during the second succeeding year following 1 22 completion of the academic or vocational-technical program and 1 23 the achievement of a certificate, diploma, or degree as 1 24 provided in this section, the commission shall cancel the loan 1 25 amount the recipient accumulated under the loan program in the 1 26 second year in which the recipient received a loan from the 1 27 commission. For each succeeding year in which the recipient 1 28 certifies residency to the commission, the commission shall 1 29 cancel one year of the loan amount, or the remainder of the 1 30 loan amount, whichever is less. 1 31 4. If the recipient was a full-time student and submits 1 32 evidence to the commission that the recipient was a resident 1 33 of the state during the third succeeding year following 1 34 completion of the academic or vocational-technical program and 1 35 the achievement of a certificate, diploma, or degree as 2 1 provided in this section, the commission shall cancel the loan 2 2 amount the recipient accumulated under the loan program in the 2 3 third year in which the recipient received a loan from the 2 4 commission. For each succeeding year in which the recipient 2 5 certifies residency to the commission, the commission shall 2 6 cancel one year of the loan amount, or the remainder of the 2 7 loan amount, whichever is less. 2 8 5. If the recipient was a full-time student and submits 2 9 evidence to the commission that the recipient was a resident 2 10 of the state during the fourth succeeding year following 2 11 completion of the academic or vocational-technical program and 2 12 the achievement of a certificate, diploma, or degree as 2 13 provided in this section, the commission shall cancel the loan 2 14 amount the recipient accumulated under the loan program in the 2 15 fourth year in which the recipient received a loan from the 2 16 commission. For each succeeding year in which the recipient 2 17 certifies residency to the commission, the commission shall 2 18 cancel one year of the loan amount, or the remainder of the 2 19 loan amount, whichever is less. 2 20 6. If the recipient was a full-time student and submits 2 21 evidence to the commission that the recipient was a resident 2 22 of the state during the fifth succeeding year following 2 23 completion of the academic or vocational-technical program and 2 24 the achievement of a certificate, diploma, or degree as 2 25 provided in this section, the commission shall cancel the loan 2 26 amount the recipient accumulated under the loan program in the 2 27 fifth year in which the recipient received a loan from the 2 28 commission. For each succeeding year in which the recipient 2 29 certifies residency to the commission, the commission shall 2 30 cancel one year of the loan amount, or the remainder of the 2 31 loan amount, whichever is less. 2 32 7. The commission shall determine a loan cancellation 2 33 timetable for part-time students equivalent to the timetable 2 34 described for full-time students under this section. 2 35 8. There is created a retaining our achievers loan payment 3 1 fund for deposit of payments made by recipients. Payments 3 2 made by recipients of the loans shall be used to supplement 3 3 moneys appropriated to the guaranteed loan payment program. 3 4 Any funds remaining on June 30 of a fiscal year shall be 3 5 transferred from the fund created in this section to the 3 6 general fund of the state. 3 7 9. The interest rate collected on a retaining our 3 8 achievers loan shall be equal to the interest rate being 3 9 collected by an eligible lender under the guaranteed loan 3 10 payment program. 3 11 10. The commission shall prescribe by rule the terms of 3 12 repayment. 3 13 Sec. 2. NEW SECTION. 261.111 RETAINING OUR ACHIEVERS 3 14 LOAN PROGRAM. 3 15 1. A retaining our achievers loan program is established 3 16 to be administered by the college student aid commission as 3 17 provided in this section. The purpose of the loan program is 3 18 to increase the number of Iowans who remain residents of this 3 19 state upon graduation from an accredited postsecondary 3 20 institution in Iowa. 3 21 2. An individual is eligible for the program if the 3 22 individual meets all of the following conditions: 3 23 a. Is a resident of this state who is accepted for 3 24 enrollment in an academic or vocational-technical program at 3 25 an institution of higher learning under the control of the 3 26 state board of regents, a community college, or an accredited 3 27 private institution as defined in section 261.9. 3 28 b. Has filed an application with the commission using 3 29 procedures specified in section 261.16. 3 30 c. Agrees to remain a resident of Iowa for at least one 3 31 year after attaining a certificate, diploma, or undergraduate 3 32 degree as provided in this section, for each year the 3 33 individual received a loan. 3 34 3. The annual amount of a loan to a qualified student 3 35 shall be the amount of the student's financial need for that 4 1 period, but shall not exceed the resident tuition rate 4 2 established for institutions of higher learning under the 4 3 control of the state board of regents. Loans for full-time 4 4 students shall be granted for not more than five years, and 4 5 for part-time students shall be granted for not more than ten 4 6 years. 4 7 4. The commission shall adopt rules under chapter 17A to 4 8 administer the program. The commission shall set a final date 4 9 for submission of applications each year and shall review the 4 10 applications and inform the recipients within a reasonable 4 11 time after the deadline. 4 12 EXPLANATION 4 13 This bill establishes a retaining our achievers loan 4 14 program to be administered by the college student aid 4 15 commission. The purpose of the loan program is to increase 4 16 the number of Iowans who remain residents of this state upon 4 17 graduation from an accredited postsecondary institution in 4 18 Iowa. 4 19 An individual is eligible for the loan program if the 4 20 individual is a resident of this state who is accepted for 4 21 enrollment in an academic or vocational-technical program at 4 22 an accredited postsecondary institution in this state and 4 23 agrees to remain a resident of Iowa for at least one year 4 24 after attaining a certificate, diploma, or degree, for each 4 25 year the individual received a loan. 4 26 The annual amount of a loan shall be the amount of the 4 27 student's financial need, but shall not exceed the resident 4 28 tuition rate established for regents institutions of higher 4 29 learning. Loans for full-time students shall be granted for 4 30 not more than five years, and for part-time students shall be 4 31 granted for not more than 10 years. 4 32 Payment of a loan shall begin one year after the recipient 4 33 completes the academic or vocational-technical program for 4 34 which tuition and fees were received unless the recipient 4 35 submits evidence of residency to the commission. The 5 1 commission shall cancel one year of the loan amount for each 5 2 year in which the recipient certifies residency. The 5 3 commission shall determine a loan cancellation timetable for 5 4 part-time students equivalent to the timetable described in 5 5 the bill for full-time students. 5 6 The bill also creates a loan payment fund for deposit of 5 7 payments made by recipients. Payments made by recipients of 5 8 the loans shall be used to supplement moneys appropriated to 5 9 the guaranteed loan payment program. 5 10 LSB 3468XS 77 5 11 kh/sc/14
Text: SF02299 Text: SF02301 Text: SF02300 - SF02399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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