Bill Text: IA HSB558 | 2019-2020 | 88th General Assembly | Introduced
Bill Title: A bill for an act relating to loan repayment for refinanced eligible loans under the rural physician loan repayment program.
Spectrum: Committee Bill
Status: (N/A - Dead) 2020-02-18 - Committee report, recommending passage. H.J. 296. [HSB558 Detail]
Download: Iowa-2019-HSB558-Introduced.html
House
Study
Bill
558
-
Introduced
HOUSE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
EDUCATION
BILL
BY
CHAIRPERSON
DOLECHECK)
A
BILL
FOR
An
Act
relating
to
loan
repayment
for
refinanced
eligible
loans
1
under
the
rural
physician
loan
repayment
program.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
5028HC
(3)
88
kh/jh
H.F.
_____
Section
1.
Section
261.113,
subsection
5,
paragraph
b,
Code
1
2020,
is
amended
by
striking
the
paragraph.
2
Sec.
2.
Section
261.113,
Code
2020,
is
amended
by
adding
the
3
following
new
subsections:
4
NEW
SUBSECTION
.
5A.
Refinanced
loans.
A
loan
repayment
5
recipient
who
refinances
an
eligible
loan
by
obtaining
a
6
private
educational
loan
may
continue
to
receive
loan
repayment
7
under
this
section
if
the
amount
of
loan
repayment
does
not
8
exceed
the
lesser
of
the
amount
specified
in
subsection
5
or
9
the
balance
of
the
loan
repayment
amount
the
loan
repayment
10
recipient
qualified
to
receive
with
the
eligible
loan.
11
NEW
SUBSECTION
.
5B.
Program
agreement
limitation.
The
12
commission
shall
not
enter
into
more
than
twenty
program
13
agreements
annually.
The
percentage
of
agreements
entered
14
into
by
students
attending
eligible
universities
shall
be
15
evenly
divided.
However,
if
there
are
fewer
applicants
at
16
one
eligible
university,
eligible
student
applicants
enrolled
17
in
other
eligible
universities
may
be
awarded
the
remaining
18
agreements.
19
EXPLANATION
20
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
21
the
explanation’s
substance
by
the
members
of
the
general
assembly.
22
This
bill
permits
a
loan
repayment
recipient
under
the
rural
23
physician
loan
repayment
program
to
continue
to
receive
loan
24
repayment
after
refinancing
an
eligible
federal
loan
with
a
25
private
educational
loan.
However,
the
loan
repayment
amount
26
cannot
exceed
the
lesser
of
the
amount
of
loan
repayment
27
allowed
under
the
program
or
the
balance
of
the
loan
repayment
28
amount
the
loan
repayment
recipient
qualified
to
receive
with
29
the
eligible
loan.
30
The
bill
includes
a
technical
change
that
moves
to
a
new
31
subsection
language
limiting
the
commission
to
entering
into
32
not
more
than
20
program
agreements
annually.
33
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LSB
5028HC
(3)
88
kh/jh
1/
1
