NC S726

The State Education Assistance Authority shall expand annual reporting to include the total number of loan recipients by year who have met employment service requirements for loan forgiveness or elected cash loan repayment, with individual records retained for five years.

The Authority must provide initial information on Forgivable Education Loans for Service Program recipients, including their field of work, in the annual report by December 1, 2022.

The Authority shall develop and maintain a record-keeping system to track repayment methods for State-funded educational loans eligible for forgiveness and report implementation progress by January 1, 2021.

The Authority shall adopt a biennial strategic plan with comprehensive performance measures and publish annual reports to the Governor and General Assembly that include data metrics on program administration, recipient demographics, and institutional enrollment information, with requirements effective July 1, 2021.

$700,000 in recurring funds are appropriated for fiscal year 2020-2021 to the State Education Assistance Authority to cover administrative costs for the University of North Carolina Need-Based Financial Aid Program, and the Office of State Budget and Management shall develop recommendations on administrative cost reporting transparency by June 30, 2020.