California Senate Bill SB518 Introduced / Bill

 BILL NUMBER: SB 518INTRODUCED BILL TEXT INTRODUCED BY Senator Wyland FEBRUARY 21, 2013 An act to amend Section 70103 of the Education Code, relating to student financial aid. LEGISLATIVE COUNSEL'S DIGEST SB 518, as introduced, Wyland. Student financial aid: State Nursing Assumption Program of Loans for Education. Existing law establishes the State Nursing Assumption Program of Loans for Education, administered by the Student Aid Commission, whereby eligible postsecondary education students may enter into loan repayment agreements with the commission, with specified terms, in exchange for serving as nursing faculty in a registered nursing program at an accredited California college or university. This bill would make a nonsubstantive change in the provision specifying the terms of the loan assumption agreement under this program. Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 70103 of the Education Code is amended to read: 70103. The terms of the loan assumptions granted under this article shall be as follows, subject to the specific terms of each loan assumption agreement: (a) After a program participant has completed one academic year, or the equivalent, of full-time teaching nursing studies at one or more regionally accredited, eligible California colleges or universities, pursuant to Section 70102, the commission shall assume up to eight thousand three hundred thirty-three dollars ($8,333) of the outstanding liability of the participant under one or more of the designated loan programs. (b) After the program participant has completed two consecutive academic years, or the equivalent, of full-time teaching at one or more regionally accredited California colleges or universities, pursuant to Section 70102, the commission shall assume up to an additional eight thousand three hundred thirty-three dollars ($8,333) of the outstanding liability of the participant under one or more of the designated loan programs, for a total loan assumption of up to sixteen thousand six hundred sixty-six dollars ($16,666). (c) After a program participant has completed three consecutive academic years, or the equivalent of full-time teaching, at one or more regionally accredited California colleges or universities, pursuant to Section 70102, the commission shall assume up to an additional eight thousand three hundred thirty-four dollars ($8,334) of the outstanding liability of the participant under one or more of the designated loan programs, for a total loan assumption of up to twenty-five thousand dollars ($25,000). (d) The commission may assume liability for loans received by the program participant to pay  for  the costs of obtaining the program participant's undergraduate and graduate degrees. (e) The term of the loan assumption agreement shall be not more than 10 years from the date on which the agreement was executed by the program participant and the commission.