MS HB640

Consolidates Mississippi student forgivable loan programs under the Postsecondary Education Financial Assistance Board and clarifies eligibility requirements, repayment terms, and service obligations across all programs.

Expands the board from 3 to 9 members plus 2 non-voting advisory members, adding representatives from community colleges, independent colleges, the Department of Employment Security, and the State Department of Education.

Raises the minimum ACT test score requirement to 20 for applicants enrolling at four-year colleges or universities under the Mississippi Resident Tuition Assistance Grant Program.

Establishes uniform repayment options for forgivable loans allowing recipients to either repay principal plus 5% penalty with interest, or convert loans to interest-free scholarships through service employment in approved fields.

Creates new forgivable loan programs for speech-language pathologists, dyslexia education specialists, and reestablishes programs for law enforcement/firefighters, armed forces members, nursing, medicine, dentistry, and teacher education with specified service requirements.