Bill Text: VA HB1439 | 2023 | Regular Session | Prefiled
Bill Title: Comprehensive community colleges; conditionally forgivable loans for tuition and other fees.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2023-02-07 - Left in Education [HB1439 Detail]
Download: Virginia-2023-HB1439-Prefiled.html
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding a section numbered 23.1-610.2 as follows:
§23.1-610.2. Comprehensive community colleges; conditionally forgivable loans for tuition and other fees and expenses.
A. Each comprehensive community college shall establish a process whereby admitted students may apply for a conditionally forgivable loan in an amount sufficient to cover the full cost of tuition, mandatory fees, and required textbooks or other course materials to earn a certain degree or credential at such college. Any such student applicant is entitled to such a conditionally forgivable loan from the comprehensive community college if the student applicant:
1. Demonstrates that the student applicant is a single parent of a dependent child or dependent children and has a total household income that is not more than 250 percent of the current annual federal poverty guidelines established by the U.S. Department of Health and Human Services;
2. Signs an agreement to (i) pursue a field of study that leads to a high-demand occupation identified by the Virginia Office of Education Economics on its high-demand occupations list, (ii) earn within 30 months of initial enrollment at the comprehensive community college a degree or credential that leads to such a high-demand occupation, and (iii) maintain employment in the Commonwealth in such a high-demand occupation for at least five years during the seven-year period that begins on the date on which the student applicant earns such a degree or credential; and
3. Signs a promissory note to repay the full amount of the loan in a lump sum, without interest, 84 months from the date on which the student applicant fails to meet any condition of the agreement signed pursuant to subdivision 2.
B. Each comprehensive community college shall forgive the full amount of any loan made pursuant to subsection A on the date on which the recipient demonstrates full satisfaction of the conditions of the agreement signed pursuant to subdivision A 2, as determined by the Office of the Attorney General.
C. Any comprehensive community college that forgives a loan pursuant to the provisions of subsection B may request reimbursement for the forgiven amount from the General Assembly. The General Assembly shall establish a process and procedure for receiving and acting upon such reimbursement requests.
