NC H1882

Establishes a work group led by the State Education Assistance Authority, including representatives from UNC, North Carolina Community College System, Fiscal Research Division, and optionally North Carolina Independent Colleges and Universities, to study simplification and consolidation of state-funded student financial aid.

Directs the work group to design a unified need-based financial aid program consolidating three existing programs: UNC Need-Based Grant, North Carolina Community College Grant, and Education Lottery Scholarship, including consideration of income, expected family contribution, college expenses, and funding proportionality.

Directs the work group to design a "forgivable loans for service" program consolidating at least eight existing programs (including Nurse Educators, Medical/Dental Scholarships, Health Sciences Loans, and Teacher Assistant Scholarships) initially focusing on teaching and health professions.

Requires the work group to address loan repayment periods, treatment of current recipients and borrowers, federal funding effects, and potential authorization for the State Education Assistance Authority to extend repayment periods in hardship cases.

Requires the work group to submit proposed program designs, findings, recommendations, and necessary legislative changes to the Joint Select Committee on State-Funded Student Financial Aid by October 1, 2010.