House Journal: Page 1566: Wednesday, April 21, 1999

 4     18.  Page 22, line 49, by inserting after the

 5   figure "4." the following:  "a."
 6     19.  Page 22, line 50, by inserting after the word
 7   "grant" the following:  "to a qualified full-time
 8   student".
 9     20.  Page 23, by inserting after line 2 the
10   following:
11     "b.  The amount of a vocational-technical tuition
12   grant to a qualified part-time student enrolled in a
13   course of study including at least three semester
14   hours but fewer than twelve semester hours or the
15   trimester or quarter equivalent shall be equal to the
16   amount of a vocational-technical tuition grant that
17   would be paid to a full-time student, except that the
18   commission shall prorate the amount in a manner
19   consistent with the federal Pell grant program
20   proration."
21     21.  Page 23, by inserting after line 20 the
22   following:
23     "Sec. ___.  Section 261.38, subsection 1, Code
24   1999, is amended to read as follows:
25     1.  The commission shall establish a loan reserve
26   account from which any default on a 
guaranteed student
27   loan shall be paid and an agency operating account as
28   authorized by the federal Higher Education Act of
29   1965.  The commission shall credit to this account
30   these accounts all moneys designated exclusively for
31   the reserve fund provided for the state student loan
32   program by the United States, the state of Iowa, or
33   any of their agencies, departments or
34   instrumentalities, as well as any funds accruing to
35   the program which are not required for current
36   administrative expenses.  The department of management
37   shall determine the actuarially sound reserve
38   requirement for the amount of guaranteed 
loans
39   outstanding commission may expend moneys in the loan
40   reserve and agency operating accounts as authorized by
41   the federal Higher Education Act of 1965.
42     Sec. ___.  Section 261.38, subsection 2, Code 1999,
43   is amended by striking the subsection.
44     Sec. ___.  Section 261.38, subsections 3, 4, and 5,
45   Code 1999, are amended to read as follows:
46     3.  The payment of any funds for the default on a
47   guaranteed student loan shall be solely from the loan
48   reserve account and agency operating accounts.  The
49   general assembly shall not be obligated to appropriate
50   any moneys to pay for any defaults or to appropriate
Page 4
 1   any moneys to be credited to the loan reserve account.
 2   The commission shall not give or lend the credit of

© 1999 Cornell College and League of Women Voters of Iowa

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