Text: SSB01211 Text: SSB01213 Text: SSB01200 - SSB01299 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 261.73 PODIATRIC GRADUATE
1 2 STUDENT FORGIVABLE LOAN PROGRAM.
1 3 1. A podiatric graduate student forgivable loan program is
1 4 established, to be administered by the college student aid
1 5 commission. A forgivable loan may be awarded to a resident of
1 6 the state who is enrolled as a graduate student at an Iowa
1 7 podiatric college or university that meets the requirements
1 8 for approval under section 149.4, if the graduate student
1 9 agrees to practice in an eligible area in this state in
1 10 accordance with this section.
1 11 2. Of the moneys loaned to an eligible graduate student,
1 12 for each year of up to and including four years of practice in
1 13 an eligible area in Iowa, an amount equal to twenty-five
1 14 percent of the original principal and the proportionate share
1 15 of accrued interest, or one thousand one hundred dollars,
1 16 whichever is greater, shall be forgiven. If a podiatric
1 17 physician who received a loan under this section fails to
1 18 complete a year of practice in an eligible area in the state,
1 19 as determined by the commission, the principal loan amount and
1 20 interest for that year shall not be forgiven. Forgivable
1 21 loans made to eligible graduate students shall not become due,
1 22 for repayment purposes, until one year after the student has
1 23 graduated. The commission shall prescribe by rule the rate of
1 24 interest for the forgivable loan and the terms of repayment of
1 25 principal and interest. A loan or portion of a loan that has
1 26 not been forgiven may be sold by the commission to a bank,
1 27 savings and loan association, credit union, or nonprofit
1 28 agency eligible to participate in the guaranteed student loan
1 29 program under the federal Higher Education Act of 1965, 20
1 30 U.S.C. } 1071 et seq., when the loan or portion of the loan
1 31 becomes due for repayment.
1 32 3. For purposes of this section, "graduate student" means
1 33 a student who has completed at least ninety semester hours, or
1 34 the trimester or quarter equivalent, of postsecondary course
1 35 work at a public higher education institution or at an
2 1 accredited private institution, as defined under section
2 2 261.9. "Eligible area" means a geographical area included on
2 3 the Iowa governor's health practitioner shortage area list,
2 4 which is compiled by the center for rural health and primary
2 5 care of the Iowa department of public health.
2 6 4. The college student aid commission shall adopt rules,
2 7 consistent with rules used for students enrolled in higher
2 8 education institutions under the control of the state board of
2 9 regents, for purposes of determining Iowa residency status of
2 10 graduate students under this section. The commission shall
2 11 also adopt rules that provide standards, guidelines, and
2 12 procedures for the receipt, processing, and administration of
2 13 student applications and loans under this section.
2 14 5. A podiatric loan revolving fund is created in the state
2 15 treasury as a separate fund under the control of the
2 16 commission. The commission shall deposit payments made by
2 17 podiatric loan recipients and the proceeds from the sale of
2 18 podiatric loans, less costs of collection of delinquent
2 19 podiatric loans, into the podiatric loan revolving fund.
2 20 Moneys credited to the fund shall be used to supplement moneys
2 21 appropriated for the podiatric graduate student forgivable
2 22 loan program, for loan forgiveness to eligible podiatric
2 23 physicians, and to pay for loan or interest repayment defaults
2 24 by eligible podiatric physicians. Notwithstanding section
2 25 8.33, any balance in the fund on June 30 of any fiscal year
2 26 shall not revert to the general fund of the state.
2 27 Notwithstanding section 12C.7, subsection 2, interest or
2 28 earnings on moneys deposited in the podiatric loan revolving
2 29 fund shall be credited to the revolving fund.
2 30 EXPLANATION
2 31 This bill establishes a podiatric graduate student
2 32 forgivable loan program and fund to be administered by the
2 33 college student aid commission.
2 34 To be eligible for a forgivable loan, a student must be a
2 35 resident of Iowa who is enrolled as a graduate student at an
3 1 Iowa podiatric college or university. The podiatric graduate
3 2 student must also agree to practice in an eligible
3 3 geographical area in the state. A student who meets these
3 4 qualifications may receive loan forgiveness in the amount of
3 5 25 percent of the loan principal and interest for each year of
3 6 up to and including four years of practice in an eligible area
3 7 in Iowa, or $1,100, whichever is greater. If a student fails
3 8 to complete a year of practice in the state, the principal
3 9 loan amount and interest for that year, must be repaid.
3 10 "Eligible area" is defined in the bill to mean a geographical
3 11 area included on the Iowa governor's health practitioner
3 12 shortage area list published by the Iowa department of public
3 13 health.
3 14 The podiatric loan revolving fund is created in the state
3 15 treasury for the deposit of payments made by podiatric loan
3 16 recipients and the proceeds from the sale of podiatric loans,
3 17 less the cost of collection of delinquent podiatric loans.
3 18 Moneys credited to the fund shall be used to supplement moneys
3 19 appropriated for the podiatric graduate student forgivable
3 20 loan program, for loan forgiveness to eligible podiatric
3 21 physicians, and to pay for loan or interest repayment defaults
3 22 by eligible podiatric physicians.
3 23 LSB 2339SC 78
3 24 kh/jw/5.1
Text: SSB01211 Text: SSB01213 Text: SSB01200 - SSB01299 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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