NC S1324

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

Directs the work group to design a unified need-based financial aid program combining the UNC Need-Based Grant program, North Carolina Community College Grant program, and Education Lottery Scholarship program, considering income, expected family contribution, college expenses, and funding proportionality.

Requires the work group to design a consolidated "forgivable loans for service" program combining at least eight existing scholarship and loan programs, initially focusing on teaching and health professions (nursing, allied health, medical, dental, and pharmacy careers).

Mandates the work group to address program phase-out timelines, handling of current and former loan recipients, federal funding impacts, and potential authority for the State Education Assistance Authority to extend repayment periods for forgivable loans in hardship cases.

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