2006 Utah Code - 53B-6-105.7 — Initiative student loan and loan forgiveness program.

     53B-6-105.7.   Initiative student loan and loan forgiveness program.
     (1) (a) There is established an engineering, computer science, and related technology student loan program as a component of the initiative created in Section 53B-6-105.
     (b) The program is established to recruit and train engineering, computer science, and related technology students to assist in providing for and advancing the intellectual and economic welfare of the state.
     (2) (a) The board:
     (i) may make rules for the overall administration of the program in accordance with Title 63, Chapter 46a, Utah Administrative Rulemaking Act; and
     (ii) shall administer the program consistent with the general student loan provisions outlined in Title 53B.
     (b) The board shall also use the following policies and procedures in administering the student loan program:
     (i) students may use their loans at any institution within the state system of higher education that offers an engineering, computer science, or related technology baccalaureate degree;
     (ii) loans shall be given to students who declare an intent to complete a prescribed course of instruction in one of the areas referred to in Subsection (2)(b)(i) and to work in the state for a period of four years after graduation in one of those areas;
     (iii) a loan may be cancelled at any time by the institution of attendance, if the student fails to make reasonable progress towards obtaining the baccalaureate degree or there appears to be a reasonable certainty that the student does not intend to work in the state upon graduation, and the board shall require repayment together with interest; and
     (iv) (A) a loan recipient who does not work in the state in one of the areas listed in Subsection (1)(a) for a term equal to the number of years of the loan within a reasonable period of time after graduation shall repay a graduated portion of the loan based upon the uncompleted term together with appropriate interest, unless waived for good cause; and
     (B) one year of employment as an engineer or in the field of computer science or related technologies is credit for a one-year loan for tuition and fees.
     (3) The Legislature shall make an annual appropriation to the board to fund the student loan program created in this section.

Enacted by Chapter 238, 2001 General Session