House Amendment 8374 PAG LIN 1 1 Amend House File 2760 as follows: 1 2 #1. Page 1, by inserting after line 10 the 1 3 following: 1 4 <Sec. . Section 261.111, subsections 4 and 5, 1 5 Code 2005, are amended to read as follows: 1 6 4. Forgivable loans to eligible students shall not 1 7 become due until after the student graduates or leaves 1 8 school. The individual's total loan amount, including 1 9 principal and interest, shall be reduced by twenty 1 10 percent for each year in which the individual remains 1 11 an Iowa resident and is employed in Iowa by a school 1 12 district or an accredited nonpublic school as a 1 13 practitioner in the teacher shortage area for which 1 14 the loan was approved. However, the individual's 1 15 total loan amount, including principal and interest, 1 16 shall be reduced by twenty=five percent for each year 1 17 in which the individual remains an Iowa resident and 1 18 is employed in Iowa by a school district or accredited 1 19 nonpublic school as a practitioner if the individual 1 20 is appropriately endorsed by the board of educational 1 21 examiners and teaches mathematics or science for more 1 22 than fifty percent of the individual's contracted 1 23 time. If the commission determines that the person 1 24 does not meet the criteria for forgiveness of the 1 25 principal and interest payments, the commission shall 1 26 establish a plan for repayment of the principal and 1 27 interest over a ten=year period. If a person required 1 28 to make the repayment does not make the required 1 29 payments, the commission shall provide for payment 1 30 collection. 1 31 5. The amount of a teacher shortage forgivable 1 32 loan shall not exceed three thousand dollars annually, 1 33 or the amount of the student's established financial 1 34 need, whichever is less. However, if a student's 1 35 major course of study is in mathematics or science 1 36 leading to a baccalaureate or graduate degree, the 1 37 amount of the teacher shortage forgivable loan shall 1 38 not exceed five thousand dollars annually, or the 1 39 amount of the student's established financial need, 1 40 whichever is less.> 1 41 #2. By striking page 1, line 24, through page 3, 1 42 line 20, and inserting the following: 1 43 <Sec. . Section 261.54, Code 2005, is 1 44 repealed.> 1 45 #3. By renumbering as necessary. 1 46 1 47 1 48 1 49 MASCHER of Johnson 1 50 HF 2760.702 81 2 1 kh/gg/1864 -1-