Relating to the transfer, deposit, and appropriation of moneys to the teach Iowa scholar fund from the teacher shortage forgivable loan repayment fund and the teacher shortage loan forgiveness repayment fund

Sponsored by the Senate Education (companion To Hf 371 By Committee on Education) Committee

Topics:State budget K–12 education Higher education Teacher pay & licensing

Same legislation: SSB 1076, HSB 144, HF 371, HF 722

Write your legislators about itWhat changed before it passed

Official bill page Lobbyist declarations One-pager to print

Where it is now

Done: IntroducedJanuary 21, 2021
Done: SubcommitteeJanuary 21, 2021
Done: Senate committeeFebruary 8, 2021
Done: Passes the SenateMay 5, 202148–0
Skipped: House committeeSkipped
Done: Passes the HouseMarch 9, 2021
Done: To the GovernorMay 20, 2021
Done: Signed into lawMay 20, 2021

HF 722 became law → The same legislation passed as HF 722, so this version was set aside. Go to HF 722 What’s a funnel?

What’s in it

AI summary Money from old teacher shortage loan programs will be moved into a new fund called the Teach Iowa Scholar program. This includes leftover money from those programs and payments collected from people who did not follow the rules of their original loans. The college student aid commission will manage these funds to support the new scholarship program.¹

Read the official explanation

This bill provides for the transfer, deposit, or appropriation of moneys to the college student aid commission, to be used for purposes of the teach Iowa scholar program, from the teacher shortage loan forgiveness and forgivable loan programs no longer supported by state funding. The bill provides that payments the commission continues to collect from forgivable loan recipients who do not fulfill the conditions of the teacher shortage forgivable loan repayment program are to be deposited in the teach Iowa scholar fund and used for purposes of the teach Iowa scholar program. The bill strikes language creating the teacher shortage loan forgiveness repayment fund and provides that any unencumbered or unobligated moneys remaining in the teacher shortage forgivable loan repayment and teacher shortage loan forgiveness repayment funds on June 30, 2021, are transferred and appropriated to the commission for deposit in the teach Iowa scholar fund to be used for the purposes of the teach Iowa scholar program.

Full bill text · What changed before it passed²

Senate subcommittee

Named February 23, 2021. It hasn’t reported yet.

Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part

Fiscal note

Cost: up to $191,000 Compare with other bills

AI summary This bill transfers money from two existing teacher loan funds into the Teach Iowa Scholar Fund. It is estimated that approximately $191,000 will be transferred to the Teach Iowa Scholar Fund in fiscal year 2022.³

Read the fiscal note

Description

House File 722 provides for the transfer of all funds that are available and that become available in the Teacher Shortage Forgivable Loan Repayment Fund, established in Iowa Code section 261.111, and the Teacher Shortage Loan Forgiveness Repayment Fund, established in Iowa Code section 261.112, to the Teach Iowa Scholar Fund, established in Iowa Code section 261.110. The Bill appropriates the transferred funds to the College Student Aid Commission to be used for the purposes of the Teach Iowa Scholar Program.

Background

The Teacher Shortage Loan Forgiveness and Forgivable Loan Programs are no longer supported by State funding.

Fiscal Impact

The Iowa College Student Aid Commission estimates that as of May 10, 2021, approximately $157,000 is available to transfer to the Teach Iowa Scholar Fund and approximately $2,500 in additional repayments is received each month. Under the Bill, approximately $191,000 will be transferred to the Teach Iowa Scholar Fund in FY 2022.