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ID H0500
Bill
Status
2/12/2014
Primary Sponsor
Education Committee
Click for details
AI Summary
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Authorizes the state board of education to enter into loan agreements with Idaho students accepted into qualified medical, dental, veterinary, or health-related professional programs not available in-state, with repayment terms that may include loan forgiveness for recipients who return to practice in Idaho.
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Requires loan recipients to apply for forgiveness within 9 months of obtaining a professional license and must practice in Idaho for 60 months in counties with population over 70,000 or 36 months in counties with population of 70,000 or less.
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Establishes that interest accrues at the federal Stafford loan rate (not to exceed 8% annually) only if the student fails to return to Idaho within 9 months, defaults on payments, or withdraws from the program; interest adjusts annually to match federal rates.
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Directs all loan repayments and interest to be remitted to the professional studies fund and authorizes the board to transfer these funds to schools and programs providing the courses of study.
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Effective July 1, 2014, and applies to all students entering the professional studies program on or after that date.
Legislative Description
Amends existing law to revise loan provisions and the repayment thereof from the professional studies program; and to provide for interest for repayment of loans to be retained by the Professional Studies Fund.
PROFESSIONAL STUDIES PROGRAM
Last Action
Reported Printed and Referred to Education
2/13/2014