NC H1090

Establishes the Family Medicine in Rural or Medically Underserved Areas Forgivable Loan Pilot Program administered by the State Education Assistance Authority to provide loans to eligible medical students who commit to practicing primary care in rural or medically underserved areas of North Carolina.

Eligible medical students must be North Carolina residents enrolled as first-year students in the 2023-2024 academic year at UNC constituent institutions or eligible private medical schools.

Provides forgivable loans of $25,000 per academic year up to four years, with $25,000 forgiven for each year of full-time primary care practice in a rural or medically underserved area, up to a maximum of $100,000 in total forgiveness.

Interest rates capped at 10% and based on current federal non-need-based loan rates, with interest accruing from loan disbursement; the Authority may establish alternative repayment options and criteria for accelerated repayment and less than full-time employment.

Appropriates $1,400,000 in nonrecurring funds for the 2022-2023 fiscal year to provide forgivable loans to up to 12 eligible medical students, with up to $200,000 available for program administrative costs; becomes effective July 1, 2022.