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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