AR HB1550

Appropriates $420,000 from the Higher Education Grants Fund Account to the Department of Higher Education for the Doctorate of Veterinary Medicine Loan Forgiveness Program for fiscal year ending June 30, 2012.

Appropriates an additional $420,000 from the General Improvement Fund for the same program and purpose.

Provides potentially forgivable loans to eligible Arkansas students for out-of-state tuition costs exceeding in-state rates; loans are forgiven for students who practice veterinary medicine in Arkansas for five years following program completion.

Authorizes the Department of Higher Education to enter into contracts with out-of-state veterinary schools to provide post-baccalaureate Doctor of Veterinary Medicine training while such training is unavailable or has insufficient capacity at Arkansas institutions.

Takes effect July 1, 2011 under an emergency clause; loan repayments must be deposited back into the originating fund for program reuse, with administrative costs not to exceed 5% of program expenditures.