MS HB1560

Establishes the Mississippi B-On-Time Student Loan Program providing no-interest loans to eligible students attending public and private institutions of higher learning in Mississippi, administered by the Board of Trustees of State Institutions of Higher Learning and the State Board for Community and Junior Colleges.

Requires students to meet eligibility criteria including state residency, graduation from a Mississippi high school under the recommended core curriculum (2011-2012 or later), or possession of an associate degree, plus enrollment as full-time undergraduate students with federal financial aid eligibility.

Loan amounts are determined by the board based on average statewide tuition and required fees at state-supported institutions, with limits of 150 semester credit hours total and provisions for hardship exceptions allowing enrollment in as few as 6 semester credit hours.

Establishes loan forgiveness for students who earn an undergraduate certificate or degree with a cumulative GPA of at least 3.0 within specified timeframes (4 years for standard four-year degrees, 5 years for engineering/architecture programs, 2 years for community college programs), contingent on not exceeding maximum semester credit hours by more than 6 hours.

Creates the Mississippi B-On-Time Student Loan Fund as a special state treasury fund to be financed through legislative appropriations and public/private gifts and grants, with loan origination fees collected by the board to cover operating expenses.