SB 1248 Summary

• Amends Arizona Revised Statutes Section 15-1745 regarding contracts with students receiving state funding for professional education through the Western Interstate Commission for Higher Education (WICHE).

• Extends the maximum repayment period for students who fail to meet practice requirements from 15 years to 25 years, allowing the board more flexibility in structuring repayment terms.

• Clarifies that students receiving state funding must begin practicing their profession in Arizona within one year of completing their education, with exceptions for involuntary military service or other board-approved causes beyond the student's control.

• Establishes that students can discharge their obligation through professional practice in Arizona or through direct payment of one-half the state's expenditures, with credit given for years of in-state practice or military service.

• Sets the interest rate for student contracts based on the average rate of 91-day U.S. Treasury bills over a 24-month period, with accrual beginning the first full month following the student's graduation or enrollment cessation.