Bill Text: CA AB464 | 2009-2010 | Regular Session | Introduced

California Assembly Bill 464 (Prior Session Legislation)

Introduced

Bill Title: Postsecondary education: assumption of student loans.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-02-02 - From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. [AB464 Detail]

Download: California-2009-AB464-Introduced.html

BILL NUMBER: AB 464	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Coto

                        FEBRUARY 24, 2009

   An act to amend Section 69613.8 of the Education Code, relating to
postsecondary education.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 464, as introduced, Coto. Postsecondary education: assumption
of student loans.
   Existing law establishes the Assumption Program of Loans for
Education, administered by the Student Aid Commission, under which
program participants who meet designated criteria may enter into an
agreement for loan assumption, to be redeemed pursuant to a
prescribed procedure upon becoming employed as a teacher if he or she
satisfies certain conditions.
   Existing law provides for an additional assumption of liability
for a person who teaches certain subjects in the lowest 60 percentile
of, or at a school in the lowest two deciles on, the Academic
Performance Index rankings. The maximum that may be expended on these
additional assumption provisions in any one academic year is
$5,000,000.
   This bill would increase that limit to a maximum of $5,100,000 in
any academic year.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 69613.8 of the Education Code is amended to
read:
   69613.8.  In addition to the amounts set forth in subdivision (a)
of Section 69613.4, for each of the four years of classroom
instruction referenced in subdivision (a) of Section 69613.4, the
following loan assumption benefits shall be granted:
   (a) One thousand dollars ($1,000) of additional liability per year
shall be assumed for a person who holds a credential appropriate for
teaching, and who teaches, mathematics, science, or special
education in the lowest 60 percentile of Academic Performance Index
rankings.
   (b) One thousand dollars ($1,000) of additional liability per year
shall be assumed for a person who teaches in a school in the lowest
two deciles on the Academic Performance Index rankings. Eligibility
for the benefit set forth in this subdivision shall be limited to a
person who holds a credential appropriate for teaching, and who
teaches, mathematics, science, or special education.
   (c) Not more than a total of  five million dollars
($5,000,000)   five million one hundred thousand dollars
($5,100,000)  shall be expended in any academic year for the
purposes of this section.
   (d) The commission shall award benefits payable under this section
upon receipt of all documentation necessary to establish eligibility
for the additional loan assumption benefits. Payments shall be made
to applicants in the order received until the  five million
dollars ($5,000,000)   five million one hundred thousand
dollars ($5,100,000)  authorized by subdivision (c) has been
expended.