Bill Text: IA HF36 | 2015-2016 | 86th General Assembly | Introduced
Bill Title: A bill for an act establishing a worker shortage loan forgiveness program to be administered by the college student aid commission.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2015-02-18 - Subcommittee, Highfill, Staed, and Stanerson. H.J. 355. [HF36 Detail]
Download: Iowa-2015-HF36-Introduced.html
House File 36 - Introduced HOUSE FILE BY HUNTER A BILL FOR 1 An Act establishing a worker shortage loan forgiveness program 2 to be administered by the college student aid commission. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: TLSB 1227HH (2) 86 kh/nh PAG LIN 1 1 Section 1. NEW SECTION. 261.118 Worker shortage loan 1 2 forgiveness program. 1 3 1. A worker shortage loan forgiveness program is 1 4 established to be administered by the commission. An 1 5 individual is eligible for the program if the individual 1 6 graduated from a school district or accredited nonpublic school 1 7 in this state on or after January 1, 2014, is a resident of 1 8 the state who successfully completed a vocational=technical or 1 9 career option program or graduated with an associate degree 1 10 from a community college established pursuant to chapter 260C 1 11 or graduated with a baccalaureate degree or postbaccalaureate 1 12 degree from an institution of higher education governed by 1 13 the state board of regents or from an accredited private 1 14 institution, and meets either of the following conditions: 1 15 a. Is employed and residing in this state and has been 1 16 employed and residing in this state for not less than two 1 17 consecutive years within three years of successfully completing 1 18 a vocational=technical or career option program or achieving an 1 19 associate degree from a community college. 1 20 b. Is employed and residing in this state and has been 1 21 employed and residing in this state for not less than four 1 22 consecutive years within five years of graduating with a 1 23 baccalaureate degree or postbaccalaureate degree from an 1 24 institution of higher education governed by the state board of 1 25 regents or from an accredited private institution. 1 26 2. Each applicant for loan forgiveness shall, in accordance 1 27 with the rules of the commission, do the following: 1 28 a. Complete and file an application for worker shortage 1 29 loan forgiveness. The individual shall be responsible for 1 30 the prompt submission of any information required by the 1 31 commission. 1 32 b. File a new application and submit information as 1 33 required by the commission annually on the basis of which the 1 34 applicant's eligibility for the renewed loan forgiveness will 1 35 be evaluated and determined. 2 1 c. Complete and return on a form approved by the commission 2 2 an affidavit of eligibility verifying that the applicant meets 2 3 the requirements of subsection 1. 2 4 3. The annual amount of worker shortage loan forgiveness 2 5 shall not exceed the following: 2 6 a. For an individual who meets the conditions of 2 7 subsection 1, paragraph "a", the combined resident tuition 2 8 rate established for the two years following the individual's 2 9 successful program completion or graduation from the community 2 10 college, or one hundred percent of the individual's total 2 11 federally guaranteed Stafford loan amount under the federal 2 12 family education loan program or the federal direct loan 2 13 program and any private student loan issued by a lender 2 14 that meets standards prescribed by the commission including 2 15 principal and interest, whichever amount is less. 2 16 b. For an individual who meets the conditions of 2 17 subsection 1, paragraph "b", the combined resident tuition 2 18 rate established for institutions of higher learning governed 2 19 by the state board of regents for the four years following 2 20 the individual's graduation from the regents university or 2 21 accredited private institution, or one hundred percent of the 2 22 individual's total federally guaranteed Stafford loan amount 2 23 under the federal family education loan program or the federal 2 24 direct loan program and any private student loan issued by 2 25 a lender that meets standards prescribed by the commission 2 26 including principal and interest, whichever amount is less. 2 27 4. The commission shall submit in a report to the general 2 28 assembly by January 1, annually, the number of individuals 2 29 who received loan forgiveness pursuant to this section, the 2 30 postsecondary institutions from which the individuals graduated 2 31 or successfully completed a vocational=technical or career 2 32 options program, where in the state program participants are 2 33 employed, program participants' employment classifications 2 34 or types of employment, the amount paid to each program 2 35 participant, and other information identified by the commission 3 1 as indicators of outcomes from the program. 3 2 5. The commission shall adopt rules pursuant to chapter 17A 3 3 to administer this section. 3 4 EXPLANATION 3 5 The inclusion of this explanation does not constitute agreement with 3 6 the explanation's substance by the members of the general assembly. 3 7 This bill creates a worker shortage loan forgiveness program 3 8 to be administered by the college student aid commission. The 3 9 program is open to individuals who graduated from an Iowa 3 10 high school in 2014 or later, are employed and reside in the 3 11 state, and successfully completed a vocational=technical or 3 12 career option program or received a degree from an accredited 3 13 postsecondary institution in the state. 3 14 The individual must also have been employed in and a resident 3 15 of this state for a period of two consecutive years within 3 16 three years of successfully completing a vocational=technical 3 17 or career option program or achieving an associate degree 3 18 from a community college, or must have been employed in and 3 19 a resident of this state for a period of four consecutive 3 20 years within five years of graduating with a baccalaureate 3 21 degree or postbaccalaureate degree from a regents university or 3 22 accredited private institution. 3 23 In the case of an individual who attended a community 3 24 college, the total amount of worker shortage loan forgiveness 3 25 shall not exceed the combined resident tuition rate established 3 26 for the two years following the individual's successful program 3 27 completion or graduation from the community college, or 100 3 28 percent of the individual's total federal loan program and 3 29 private student loan amount including principal and interest, 3 30 whichever amount is less. 3 31 In the case of an individual who attended a regents 3 32 university or accredited private institution, the annual 3 33 amount of worker shortage loan forgiveness shall not exceed 3 34 the combined resident tuition rate established for regents 3 35 universities for the four years following the individual's 4 1 graduation, or 100 percent of the individual's total federal 4 2 loan program and private student loan amount including 4 3 principal and interest, whichever amount is less. The 4 4 individual is eligible for the loan forgiveness program for not 4 5 more than four consecutive years. 4 6 The bill requires the commission to submit a report to the 4 7 general assembly by January 1, annually, with information 4 8 identified as indicators of outcomes from the program. LSB 1227HH (2) 86 kh/nh
