NC S473

Establishes the Primary Care Providers and Psychiatrists Forgivable Loan Program administered by the State Education Assistance Authority to provide forgivable loans to eligible students attending medical schools in North Carolina or eligible private institutions who commit to practicing primary care medicine or psychiatry full-time in development tier one or two counties.

Loans up to $400,000 total ($100,000 per academic year for up to four years) bear interest not exceeding 10% and are forgiven at $80,000 per year of qualifying full-time practice in eligible counties, with maximum forgiveness of $400,000 over five years.

Establishes a nonreverting reserve fund with appropriations of $2,000,000 (FY 2024-2025), $4,000,000 (FY 2025-2026), $6,000,000 (FY 2026-2027), and $8,000,000 annually thereafter starting in FY 2027-2028.

Authority may retain up to 4% of appropriated funds annually for administrative costs and may establish a lottery process if funds are insufficient for all qualified applicants.

Requires annual reports to the General Assembly beginning December 1, 2025, on loan awards, demographic information, placement rates, and recommendations to improve the program.