1. There is established an industrial technology forgivable loan program to be administered by the college student aid commission. An individual is eligible for the forgivable loan program if the individual meets all of the following conditions:
a. Is a resident of this state who is enrolled as a sophomore, junior, or senior in the area of industrial technology education at an institution of higher learning under the control of the state board of regents or an accredited private institution as defined in section 261.9, or, is a resident of this state who is enrolled in the area of industrial technology at a community college in the state and the credits for the coursework in industrial technology are transferable to an institution of higher learning under the control of the state board of regents, or to an accredited private institution as defined in section 261.9.
b. Completes and files an application for an industrial technology forgivable loan. The individual shall be responsible for the submission of the parents' confidential statement for processing to both the commission and the institution in which the applicant is enrolling.
c. Reports promptly to the commission any information requested.
d. Files a new application and parents' confidential statement annually on the basis of which the applicant's eligibility for a renewed industrial technology forgivable loan will be evaluated and determined.
2. Forgivable loans to eligible students shall not become due until after the student graduates or leaves school. The individual's total loan amount, including principal and interest, shall be reduced by twenty percent for each year in which the individual remains an Iowa resident and is employed by a school district or an accredited nonpublic school as an industrial technology teacher. If the commission determines that the person does not meet the criteria for forgiveness of the principal and interest payments, the commission shall establish a plan for repayment of the principal and interest over a ten-year period. If a person required to make the repayment does not make the required payments, the commission shall provide for payment collection.
3. There is created an industrial technology forgivable loan repayment fund for deposit of payments made by forgivable loan recipients who do not fulfill the conditions of the forgivable loan program. Notwithstanding section 8.33, moneys deposited in the industrial technology forgivable loan repayment fund shall not revert to the general fund of the state at the end of any fiscal year but shall remain in the industrial technology forgivable loan repayment fund and be continuously available to make additional loans under the program.
98 Acts, ch 1215, §39
Referred to in §261.25
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© 1999 Cornell College and League of Women Voters of Iowa
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