PRINTER'S NO. 1054
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
892
Session of
2015
INTRODUCED BY RAFFERTY, TEPLITZ, VULAKOVICH, YUDICHAK, SMITH,
BROWNE, COSTA, SCHWANK, HUTCHINSON, BAKER AND McILHINNEY,
JUNE 16, 2015
REFERRED TO EDUCATION, JUNE 16, 2015
AN ACT
Amending the act of March 10, 1949 (P.L.30, No.14), entitled "An
act relating to the public school system, including certain
provisions applicable as well to private and parochial
schools; amending, revising, consolidating and changing the
laws relating thereto," in medical education loan assistance,
further providing for loan guarantor program.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 2212-A(b) of the act of March 10, 1949
(P.L.30, No.14), known as the Public School Code of 1949, added
October 30, 2001 (P.L.828, No.83), is amended and the section is
amended by adding a subsection to read:
Section 2212-A. Loan guarantor program.
* * *
(b) Loan Guarantor Program.--The Loan Guarantor Program
shall provide for the following:
(1) Life of loan servicing.
(2) Contracting for insurance with a guarantor, approved
by the agency, which offers a low-cost loan with competitive
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interest rates and loan fees to eligible applicants.
(3) Predetermining the eligibility of applicants who
receive a loan from an offeror to attend an accredited
medical school or an approved institution of higher learning
that is insured by a guarantor.
(4) Evaluating the benefit package of a guarantor for
adequacy, accessibility and availability of funds necessary
to provide adequate loss prevention.
(5) Loan forgiveness.
* * *
(j) Loan forgiveness.--
(1) A person who receives a loan under this section
shall receive loan forgiveness to attend medical school, if
all of the following requirements are met:
(i) The person is enrolled in a residency program
located in this Commonwealth.
(ii) The person volunteers at least 100 hours of
service in the health care field each year in which loan
forgiveness is requested.
(2) Loan forgiveness under this subsection shall be
provided for in the following amounts:
(i) For year one, $10,000.
(ii) For year two, $20,000.
(iii) For year three, $30,000.
(iv) For year four, $40,000.
(v) For year five, $50,000.
(vi) For year six, $50,000.
(vii) For year seven, $50,000.
Section 2. This act shall take effect July 1, 2015, or
immediately, whichever is later.
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