RCW 28B.15.762
Loan program for mathematics and science teachers—Terms and conditions—Collection—Disposition of payments—Rules.
(1) The council may make long-term loans to eligible students at institutions of higher education from the funds appropriated to the council for this purpose. The amount of any such loan shall not exceed the demonstrated financial need of the student or two thousand five hundred dollars for each academic year whichever is less, and the total amount of such loans to an eligible student shall not exceed ten thousand dollars. The interest rates and terms of deferral of such loans shall be consistent with the terms of the guaranteed loan program established by 20 U.S.C. Sec. 1701 et seq. The period for repaying the loan principal and interest shall be ten years with payments accruing quarterly commencing nine months from the date the borrower graduated. The entire principal and interest of each loan payment shall be forgiven for each payment period in which the borrower teaches science or mathematics in a public school in this state until the entire loan is satisfied or the borrower ceases to teach science or mathematics at a public school in this state. Should the borrower cease to teach science or mathematics at a public school in this state before the time in which the principal and interest on the loan are satisfied, payments on the unsatisfied portion of the principal and interest on the loan shall begin the next payment period and continue until the remainder of the loan is paid.
(2) The council is responsible for collection of loans made under subsection (1) of this section and shall exercise due diligence in such collection, maintaining all necessary records to insure that maximum repayments are made. Collection and servicing of loans under subsection (1) of this section shall be pursued using the full extent of the law, including wage garnishment if necessary, and shall be performed by entities approved for such servicing by the Washington student loan guaranty association or its successor agency. The council is responsible to forgive all or parts of such loans under the criteria established in subsection (1) of this section and shall maintain all necessary records of forgiven payments.
(3) Receipts from the payment of principal or interest or any other subsidies to which the council as lender is entitled, which are paid by or on behalf of borrowers under subsection (1) of this section, shall be deposited with the office and shall be used to cover the costs of making the loans under subsection (1) of this section, maintaining necessary records, and making collections under subsection (2) of this section. The office shall maintain accurate records of these costs, and all receipts beyond those necessary to pay such costs shall be used to make loans to eligible students.
(4) Any funds not used to make loans, or to cover the cost of making loans or making collections, shall be placed in the state educational trust fund for students who demonstrate financial need.
(5) The council shall adopt necessary rules to implement this section.
[ 2019 c 406 § 32; 2012 c 229 § 529; 2011 1st sp.s. c 11 § 156; 1996 c 107 § 2; 1985 c 370 § 80; 1983 1st ex.s. c 74 § 2.]
NOTES:
Findings—Intent—2019 c 406: See note following RCW 43.79.195.
Findings—Short title—2019 c 406: See notes following RCW 28B.92.200.
Findings—2019 c 406: See note following RCW 28B.94.020.
Findings—Intent—2019 c 406: See note following RCW 28C.30.050.
Findings—Intent—2019 c 406: See note following RCW 43.216.135.
Effective date—2012 c 229 §§ 101, 117, 401, 402, 501 through 594, 601 through 609, 701 through 708, 801 through 821, 902, and 904: See note following RCW 28B.77.005.
Effective date—2011 1st sp.s. c 11 §§ 101-103, 106-202, 204-244, and 301: See note following RCW 28B.76.020.
Intent—2011 1st sp.s. c 11: See note following RCW 28B.76.020.
Severability—1983 1st ex.s. c 74: See note following RCW 28B.15.760.
Structure Revised Code of Washington
Chapter 28B.15 - College and University Fees.
28B.15.005 - "Colleges and universities" defined.
28B.15.011 - Classification as resident or nonresident student—Legislative intent.
28B.15.012 - Classification as resident or nonresident student—Definitions.
28B.15.0131 - Resident tuition rates—American Indian students.
28B.15.0139 - Resident tuition rates—Border county higher education opportunity project.
28B.15.014 - Exemption from nonresident tuition fees differential.
28B.15.015 - Classification as resident or nonresident student—Rules.
28B.15.020 - "Tuition fees" defined—Use.
28B.15.022 - "Nonresident tuition fees differential" defined.
28B.15.025 - "Building fees" defined—Use.
28B.15.031 - "Operating fees"—Defined—Disposition.
28B.15.041 - "Services and activities fees" defined.
28B.15.044 - Services and activities fees—Legislative declaration on expenditure.
28B.15.051 - "Technology fees"—Defined—Use—Student government approval.
28B.15.065 - Adjustment of state appropriations for student financial aid.
28B.15.066 - Appropriations to institutions of higher education—"Inflation" defined.
28B.15.067 - Tuition fees—Established.
28B.15.069 - Building fees—Services and activities fees—Other fees.
28B.15.071 - Degree program support—Change from state funding to self-supporting and fee-based.
28B.15.110 - Tuition and fees when joint program of four year institutions—Supplemental fees, when.
28B.15.120 - Board of trustees or regents—Annual budget requirements.
28B.15.210 - Fees—University of Washington—Disposition of building fees.
28B.15.220 - Fees—University of Washington—Disposition of special fees.
28B.15.310 - Fees—Washington State University—Disposition of building fees.
28B.15.385 - "Totally disabled" defined for certain purposes.
28B.15.395 - Waiver of tuition and fees for wrongly convicted persons and their children.
28B.15.411 - Fees—Installment payments.
28B.15.450 - Gender equity—Intent.
28B.15.455 - Gender equity—Goals.
28B.15.470 - Gender equity—"Underrepresented gender class," "equitable" defined.
28B.15.475 - Gender equity—Construction—1989 c 340.
28B.15.520 - Waiver of fees and nonresident tuition fees—Community and technical colleges.
28B.15.524 - Community college international student exchange program.
28B.15.540 - Waiver of tuition and fees for residents sixty years of age or older—Limitations.
28B.15.543 - Grants for undergraduate coursework for recipients of the Washington scholars award.
28B.15.555 - Waiver of tuition and fees for students of foreign nations—Intent.
28B.15.556 - Waiver of tuition and fees for students of foreign nations—Authorized—Limitations.
28B.15.558 - Waiver of tuition and fees for state employees and educational employees—Report.
28B.15.600 - Refunds or cancellation of fees—Four-year institutions of higher education.
28B.15.605 - Refunds or cancellation of fees—Community colleges and technical colleges.
28B.15.610 - Voluntary fees of students.
28B.15.624 - Early course registration period for eligible veterans and national guard members.
28B.15.725 - Home tuition programs.
28B.15.730 - Waiver of nonresident tuition fees differential—Washington/Oregon reciprocity program.
28B.15.734 - Washington/Oregon reciprocity tuition and fee program—Implementation agreement.
28B.15.740 - Limitation on total tuition and fee waivers.
28B.15.750 - Waiver of nonresident tuition fees differential—Washington/Idaho reciprocity program.
28B.15.760 - Loan program for mathematics and science teachers—Definitions.
28B.15.790 - Effective communication—Intent.
28B.15.792 - Effective communication—Principles.
28B.15.794 - Effective communication—Implementation of principles.
28B.15.800 - Pledged bond retirement funds to be set aside from tuition and fees—1977 ex.s. c 322.
28B.15.805 - Pledged bond retirement funds to be set aside from tuition and fees—1981 c 257.
28B.15.820 - Institutional financial aid fund—"Eligible student" defined.
28B.15.821 - Dual credit program—Definition.
28B.15.915 - Waiver of operating fees—Report.
28B.15.980 - Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.