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Current Status Bill Number:View additional legislative information at the LPITS web site.4967 Type of Legislation:Joint Resolution JR Introducing Body:House Introduced Date:20020326 Primary Sponsor:Education and Public Works Committee HEPW 21 All Sponsors:Education and Public Works Committee Drafted Document Number:l:\council\bills\nbd\11463ac02.doc Residing Body:Senate Current Committee:Education Committee 04 SED Subject:Higher Education Commission regulation, Student Loan Corporation (D.No. 2625) History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20020403 Introduced, read first time, 04 SED referred to Committee House 20020403 Read third time, sent to Senate House 20020402 Read second time House 20020326 Introduced, read first time, placed on Calendar without reference Versions of This Bill Revised on March 26, 2002 - Word format
INTRODUCED
March 26, 2002
H. 4967
S. Printed 3/26/02--H.
Read the first time March 26, 2002.
TO APPROVE REGULATIONS OF THE COMMISSION ON HIGHER EDUCATION, RELATING TO STUDENT LOAN CORPORATION, DESIGNATED AS REGULATION DOCUMENT NUMBER 2625, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE 1976 CODE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The regulations of the Commission on Higher Education, relating to Student Loan Corporation, designated as Regulation Document Number 2625, and submitted to the General Assembly pursuant to the provisions of Article 1, Chapter 23, Title 1 of the 1976 Code, are approved.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
This regulation will amend current regulation to reflect changes made by the South Carolina Legislature. The changes will expand the eligibility criteria for cancellation of outstanding South Carolina Teacher Loan Program obligations. Current regulations allow recipients cancellation eligibility when they teach in a subject area designated as critical at the time the loan is made. The new regulation will allow recipients cancellation eligibility when they teach in a subject area designated as critical at the time the loan is made or subsequently. The rate of cancellation will be amended. Currently a percentage of the debt is cancelled regardless of the amount of the debt. The new regulation will allow the greater of the percentage of the debt or a set dollar amount to be cancelled for teaching service. In addition the new regulation will allow individuals changing careers to enter the teaching profession and individuals participating in the South Carolina Critical Needs Certification Program to receive loan assistance. This regulation establishes eligibility criteria and administrative changes for these two groups.
Section 62-120(B) addresses eligibility criteria for individuals changing careers to enter the teaching profession.
Section 62-120(C) addresses eligibility criteria for individuals participating in the South Carolina Department of Education's Critical Needs Certification Program.
Section 62-130(B) addresses coordination of this and other programs of financial aid and the disbursement of funds.
Sections 62-132(A) and (B) address the loan cancellation rates.
Section 62-132(A)(1) addresses the critical subject areas upon which cancellation is based.
Section 62-132(C)(1) addresses the administrative process for loans made to individuals participating in the Critical Needs Certification Program.
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