SB 518, as introduced, Wyland. Student financial aid: State Nursing Assumption Program of Loans for Education.
Existing law establishes the State Nursing Assumption Program of Loans for Education, administered by the Student Aid Commission, whereby eligible postsecondary education students may enter into loan repayment agreements with the commission, with specified terms, in exchange for serving as nursing faculty in a registered nursing program at an accredited California college or university.
This bill would make a nonsubstantive change in the provision specifying the terms of the loan assumption agreement under this program.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 70103 of the Education Code is amended
2to read:
The terms of the loan assumptions granted under this
4article shall be as follows, subject to the specific terms of each
5loan assumption agreement:
6(a) After a program participant has completed one academic
7year, or the equivalent, of full-time teaching nursing studies at one
P2 1or more regionally accredited, eligible California colleges or
2universities, pursuant to Section 70102, the commission shall
3assume up to eight thousand three hundred thirty-three dollars
4($8,333) of the outstanding liability of the participant under one
5or more of the designated loan programs.
6(b) After the program participant has completed two consecutive
7academic years, or the equivalent, of full-time teaching
at one or
8more regionally accredited California colleges or universities,
9pursuant to Section 70102, the commission shall assume up to an
10additional eight thousand three hundred thirty-three dollars ($8,333)
11of the outstanding liability of the participant under one or more of
12the designated loan programs, for a total loan assumption of up to
13sixteen thousand six hundred sixty-six dollars ($16,666).
14(c) After a program participant has completed three consecutive
15academic years, or the equivalent of full-time teaching, at one or
16more regionally accredited California colleges or universities,
17pursuant to Section 70102, the commission shall assume up to an
18additional eight thousand three hundred thirty-four dollars ($8,334)
19of the outstanding liability of the participant under one or more of
20the designated loan programs, for a total loan assumption of up to
21twenty-five thousand dollars ($25,000).
22(d) The commission may assume liability for loans received by
23the program participant to paybegin delete forend delete
the costs of obtaining the
24program participant’s undergraduate and graduate degrees.
25(e) The term of the loan assumption agreement shall be not more
26than 10 years from the date on which the agreement was executed
27by the program participant and the commission.
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