BILL NUMBER: AB 464INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Coto FEBRUARY 24, 2009 An act to amend Section 69613.8 of the Education Code, relating to postsecondary education. LEGISLATIVE COUNSEL'S DIGEST AB 464, as introduced, Coto. Postsecondary education: assumption of student loans. Existing law establishes the Assumption Program of Loans for Education, administered by the Student Aid Commission, under which program participants who meet designated criteria may enter into an agreement for loan assumption, to be redeemed pursuant to a prescribed procedure upon becoming employed as a teacher if he or she satisfies certain conditions. Existing law provides for an additional assumption of liability for a person who teaches certain subjects in the lowest 60 percentile of, or at a school in the lowest two deciles on, the Academic Performance Index rankings. The maximum that may be expended on these additional assumption provisions in any one academic year is $5,000,000. This bill would increase that limit to a maximum of $5,100,000 in any academic year. Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 69613.8 of the Education Code is amended to read: 69613.8. In addition to the amounts set forth in subdivision (a) of Section 69613.4, for each of the four years of classroom instruction referenced in subdivision (a) of Section 69613.4, the following loan assumption benefits shall be granted: (a) One thousand dollars ($1,000) of additional liability per year shall be assumed for a person who holds a credential appropriate for teaching, and who teaches, mathematics, science, or special education in the lowest 60 percentile of Academic Performance Index rankings. (b) One thousand dollars ($1,000) of additional liability per year shall be assumed for a person who teaches in a school in the lowest two deciles on the Academic Performance Index rankings. Eligibility for the benefit set forth in this subdivision shall be limited to a person who holds a credential appropriate for teaching, and who teaches, mathematics, science, or special education. (c) Not more than a total offive million dollars ($5,000,000)five million one hundred thousand dollars ($5,100,000) shall be expended in any academic year for the purposes of this section. (d) The commission shall award benefits payable under this section upon receipt of all documentation necessary to establish eligibility for the additional loan assumption benefits. Payments shall be made to applicants in the order received until thefive million dollars ($5,000,000)five million one hundred thousand dollars ($5,100,000) authorized by subdivision (c) has been expended.