CA AB463

Requires program participants to demonstrate financial need as an eligibility criterion for the Assumption Program of Loans for Education.

Removes all references to the Academic Performance Index from the program's eligibility criteria and designated school lists.

Expands eligible schools to include those serving rural areas and modifies the definition of schools serving low-income populations to reference unduplicated pupil percentages under Section 42238.02.

Mandates the Student Aid Commission issue 7,200 new warrants annually for loan assumption starting with the 2017–18 fiscal year, replacing the previous budget-based authorization system.

Provides an additional $1,000 per year in loan assumption benefits for teachers in mathematics, science, or special education, with a $5,000,000 annual spending cap, while maintaining implementation of prior program rules for agreements entered before January 1, 2018.