Accelerated nursing degree loan repayment program.

WORKING DRAFT
2007
STATE OF
WYOMING
07LSO-0622.E1

HOUSE BILL
NO.
HB0237

Accelerated nursing degree loan repayment program.

Sponsored by:
Representative(s) Lubnau and Senator(s) Massie

A BILL

for

AN ACT relating to the education loan repayment program; establishing an education loan repayment program for students with baccalaureate degrees who pursue the accelerated program for baccalaureate degrees in nursing; specifying requirements; providing for loan forgiveness as specified; requiring reports; providing an appropriation; and providing for an effective date.

Be It Enacted by the Legislature of the State of
Wyoming
:

Section 1
.
W.S. 21
‑
17
‑
118 is created to read:

21
‑
17
‑
118.

Accelerated baccalaureate degree
in nursing for students with other baccalaureate degrees; contracts with students; repayment of funds expended; deposit of repayments.

(a)

Students desiring to participate in the university
'
s accelerated program leading to a baccalaureate degree in nursing may avail themselves of the financial aid opportunities under this section subject to the following:

(i)

Before enrolling in the accelerated baccalaureate in nursing degree program, the student shall be approved by the president of the university acting with the advice of the state board of nursing;

(ii)

No student shall be approved by the president unless the student has obtained a baccalaureate degree in a discipline other than nursing;

(iii)

Preference for financial aid under this section shall be given to applicants who individually or through their spouse meet the requirements of W.S. 21
‑
17
‑
105(d).

(b)

In addition to the requirements of subsection (a), before granting any financial aid under this section the board of trustees shall obtain an agreement from each student whereby the student authorizes the state of Wyoming to pay not more than twenty-five thousand dollars ($25,000.00) for financial aid while the student is enrolled in the accelerated nursing degree program. The student shall agree either to:

(i)

Actively engage in work as a nurse in
Wyoming
for two (2) years, as the board of trustees requires. Qualified work shall be granted on a proportional basis; or

(ii)

Repay all amounts expended by the state of
Wyoming
under this subsection on the student
'
s education, together with interest which shall begin accruing upon the student
'
s graduation, upon terms specified by the board of trustees. However, interest shall begin to accrue if the board finds that the student has withdrawn from the degree program or is otherwise not making satisfactory progress toward completion of the degree program. Money expended under this subsection shall accrue at an annual interest rate equal to that charged for federal Stafford loans at the time interest begins to accrue, which rate shall be adjusted annually to match the federal
Stafford
loan rate. In no event shall the interest rate be greater than eight percent (8%).

(c)

Upon recommendation of the president of the university, the board of trustees may relieve a student of the obligation to repay amounts expended under subsection (b) of this section, in whole or in part, upon a finding that the mon
i
es cannot be collected. The university shall annually report the number of students relieved from repayment under this paragraph to the joint labor, health and social services interim committee not later than October 1.

(d)

Loan repayment options under this section may be deferred for a period not to exceed five (5) years while a loan recipient is serving on full-time active duty with any branch of the military services of the
United States
.

(e)

Any recipient of a loan under this section who fails:

(i)

To complete the program for which the loan was provided shall commence cash repayment of the loan no later than forty-five (45) days after the recipient leaves the academic program;

(ii)

To obtain employment in the targeted occupation for which the person received the education within ninety (90) days after successfully obtaining the appropriate licensure, shall commence cash repayment of the loan within one hundred twenty (120) days after successfully obtaining the appropriate licensure; or

(iii)

To obtain the appropriate certification within one hundred eighty (180) days after completion of the program shall commence cash repayment of the loan.

(f)

Any amounts paid by students in accordance with the contractual arrangements authorized under this section shall be deposited into a special fund designated as the accelerated baccalaureate degree in nursing student fund, maintained and separately accounted for by the
University
of
Wyoming
, which fund shall be used solely for payments to students under subsection (b) of this section. On or before October 1 of each year, the university shall submit a report to the joint labor, health and social services interim committee on expenditures from the fund during the prior fiscal year.

Section 2.
There is appropriated from the general fund to the
University
of
Wyoming

four
hundred
twenty-five

thousand dol
lars ($
425
,
0
00.00)
. Three hundred seventy-five thousand dollars ($375,000.00) shall be used to provide loans to students under this act and no more than fifty thousand dollars ($50,000.00) shall be used to implement the remaining provisions of this act.
Those funds necessary to support students who began the program prior to June 30, 2008 shall not revert to the general fund
until June 30, 2010
.
Funds appropriated under this section shall be included in the university's 167 medical education budget and not in the block grant.

Section 3.
This act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(END)

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HB0237