Senate Bill 2374

AN ACT TO CREATE THE NURSE TEACHER LOAN REPAYMENT PROGRAM FOR NEW NURSE EDUCATORS TO BE ADMINISTERED BY THE POSTSECONDARY EDUCATION FINANCIAL ASSISTANCE BOARD; TO SET ELIGIBILITY REQUIREMENTS, TO REQUIRE THAT RECIPIENTS REPORT ANY CHANGES OF THEIR EMPLOYMENT STATUS TO THE BOARD; TO PROVIDE FOR THE AWARD AMOUNTS; TO CREATE A SPECIAL FUND IN THE STATE TREASURY TO BE DESIGNATED THE NURSE TEACHER LOAN REPAYMENT PROGRAM; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) There is established the "Nurse Teacher Loan Repayment Program" for new nurse educators to be administered by the Mississippi Postsecondary Education Financial Assistance Board.

(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 nurse educator at an accredited school of nursing in the State of Mississippi as approved by the Mississippi Postsecondary Education Financial Assistance Board;

(d) Outstanding qualifying educational loans, received at any point during the recipient's postsecondary educational career, 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 the Mississippi Nursing Education Stipend Forgivable Loan Program, or who are in default or delinquent on any federal, state, local or commercial qualifying educational loan, shall not be eligible for this program.

(4) Recipients in the initial year of the program will be selected on a first-come, first-served basis from all eligible applicants. In the second and subsequent years of an applicant's continued eligibility, priority shall be given to renewal applicants.

(5) Recipients shall receive not more than Three Thousand Dollars ($3,000.00) for each year of full-time equivalent teaching. The maximum award under this program shall be Nine Thousand Dollars ($9,000.00).

(6) A recipient shall not be penalized for ending teaching employment at a qualifying educational entity if the recipient begins working for another qualifying educational entity in the State of Mississippi during the year on which the award is based.

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

(8) 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, to be applied to the outstanding balance. Monies paid by the recipient or on the recipient's behalf toward qualifying educational loans before payment of the award shall not be eligible for reimbursement through the program.

(9) During the teaching year for which the award is granted, a recipient shall at all times keep the Mississippi Postsecondary Education Financial Assistance Board informed of any changes to the recipient's current, correct and complete employment information and status.

(10) 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.

(11) The Mississippi Postsecondary Education Financial Assistance Board, in collaboration with the State Board of Nursing and any other applicable state agency as determined by the Mississippi Postsecondary Education Financial Assistance Board, shall attempt to track award recipients under this program through their fifth teaching year, unless the recipient leaves teaching at an earlier date. Data collected shall include each recipients' place of employment, teaching area and any other pertinent information necessary to determine the efficacy of the program in retaining nursing teachers.

(12) The Mississippi Postsecondary Education Financial Assistance Board shall promulgate regulations necessary for the proper administration of this section, including setting a fiscal year policy for the program and application dates and deadlines.

(13) There is established in the State Treasury a special fund to be designated the "Nurse Teacher 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.

(14) This section shall stand repealed on July 1, 2027.

SECTION 2. This act shall take effect and be in force from and after its passage.