MS SB2499

Consolidates and clarifies Mississippi student forgivable loan programs under the Postsecondary Education Financial Assistance Board, expanding the board from 3 to 9 voting members plus 2 nonvoting advisory members.

Establishes the Postsecondary Education Financial Assistance Trust Fund and creates uniform repayment options for forgivable loans including service-based forgiveness, interest-bearing repayment with 5% penalty, and allows board to seek collection costs and attorney's fees.

Creates new scholarship and forgivable loan programs: Teaching Fellows Program ($6,500/year for four years to high school seniors), Teacher Education Alternate Route Certification Scholars Program ($5,000/year), and reestablishes programs for law enforcement/firefighters, armed forces, nurses, and health care professions.

Phases out the Mississippi Critical Teacher Shortage Act Scholarship Program by July 1, 2020, with new students directed to the Teaching Fellows Program while existing participants may continue.

Repeals or consolidates multiple outdated education assistance programs and authorizes the board to determine eligible institutions and establish rules for administering all student financial assistance programs.