Bill Text: PA SB991 | 2009-2010 | Regular Session | Introduced

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Bill Title: Providing for loan forgiveness for certain physicians.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2009-07-06 - Referred to EDUCATION [SB991 Detail]

Download: Pennsylvania-2009-SB991-Introduced.html

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PRINTER'S NO. 1250
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No. 991 Session of2009
INTRODUCED BY RAFFERTY, WAUGH, FONTANA, STOUT, ERICKSON, ARGALL, O'PAKE, KITCHEN, BAKER, BOSCOLA, ALLOWAY, D. WHITE, FARNESE, WARD, STACK, KASUNIC AND LEACH, JULY 6, 2009
REFERRED TO EDUCATION, JULY 6, 2009
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," providing for loan forgiveness for
certain physicians.
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
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.--A person who receives a loan under
this section shall receive loan forgiveness of a maximum of
$100,000 of the moneys borrowed to attend medical school,
forgiven in equal increments over a ten-year period, if all of
the following requirements are met:
(1) The person is a graduate of a medical school located
in Pennsylvania.
(2) The person practices medicine in Pennsylvania for a
minimum of ten years. If the person practices medicine in
Pennsylvania for less than ten years the loan forgiveness
shall terminate the year preceding the person's departure
from this Commonwealth.
(3) The person volunteers at least 100 hours of service
in the health care field each year in which loan forgiveness
is requested.
Section 2. This act shall take effect July 1, 2010.
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