Senate Bill 2541

AN ACT TO CREATE THE GRADUATE NURSING LOAN REPAYMENT PROGRAM TO PROVIDE FORGIVABLE LOANS TO NURSE EDUCATORS WHO ARE EMPLOYED AT NURSING DEGREE-GRANTING COMMUNITY COLLEGES OR INSTITUTIONS OF HIGHER LEARNING IN THE STATE; TO PROVIDE FOR THE ELIGIBILITY, LOAN AMOUNTS, AND REQUIREMENTS OF THE PROGRAM; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) There is established the Graduate Nursing Loan Repayment Program.

(2) Subject to the availability of funds, an eligible applicant for an initial award must have:

(a) Legal residency in the State of Mississippi;

(b) Gained employment as a full-time nurse educator at a nursing degree-granting community college or institution of higher learning in the State of Mississippi which is regionally accredited and approved by the board;

(d) Outstanding qualifying educational loans, received while a graduate nursing degree, which may include the principal, interest and related expenses such as the required interest premium on the unpaid balances of government and commercial loans obtained by the recipient for educational expense.

(3) Persons who have received funds from other forgivable loan programs at the same degree level established for nurses under Mississippi law, or who are presently in default or delinquent on any federal, state, local or commercial qualifying educational loan, are not eligible for this program.

(4) Initial recipients shall be selected on a first-come, first-served basis of all eligible applicants. Priority consideration shall first be given to renewal applicants.

(5) Recipients shall receive up Four Thousand Dollars ($4,000.00) for each year of full-time equivalent teaching, with a lifetime maximum of Twelve Thousand Dollars ($12,000.00).

(6) Awards shall be granted on a year-to-year basis, and recipients shall have no obligation to seek a future award.

(7) Awards shall be paid annually, after the expiration of the year of teaching for which the award was granted, to the recipient's lender or loan service provider, and shall be applied to the outstanding balance. Monies paid on the recipient's behalf toward qualifying educational loans prior to receiving payment of the award shall not be eligible for repayment through the program.

(8) During the teaching year for which the award is granted, a recipient must at all times keep the board informed of any changes to the recipient's current, correct and complete employment information and status.

(9) Recipients who fail to maintain a nursing license or fail to fulfill the teaching obligation on which the award was based shall forfeit any right to the award.

(10) The board, in collaboration with the State Board of Education, shall track recipients of an award under this program. Data collected shall include recipients' place of employment and any other pertinent information necessary to determine the efficacy of the program in retaining nursing teachers.

(11) The board shall promulgate regulations necessary for the proper administration of this section.

(12) There is established in the State Treasury a special fund to be designated the "Graduate Nursing Loan Repayment Program," into which shall be deposited those funds appropriated by the Legislature, and any other funds that may be made available, for the purpose of implementing the loan repayment program established herein. Money in the fund at the end of the fiscal year shall not lapse into the General Fund, and interest earned on any amounts deposited into the fund shall be credited to the special fund.

SECTION 2. This act shall take effect and be in force from and after July 1, 2021.