Bill Text: FL S1154 | 2017 | Regular Session | Introduced

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Bill Title: Student Loan Forgiveness Program

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2017-05-05 - Died in Education [S1154 Detail]

Download: Florida-2017-S1154-Introduced.html

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       Florida Senate - 2017                                    SB 1154
       
       
        
       By Senator Farmer
       
       
       
       
       
       34-01432-17                                           20171154__
    1                        A bill to be entitled                      
    2         An act relating to the Student Loan Forgiveness
    3         Program; creating s. 1009.951, F.S.; creating the
    4         Student Loan Forgiveness Program; providing for
    5         administration of the program; providing eligibility
    6         requirements; providing for application for program
    7         participation and funding and loan payment
    8         distribution for the program; providing that a student
    9         loan must meet certain criteria; providing that a
   10         payment under the program is not taxable income;
   11         providing for rulemaking; providing an effective date.
   12          
   13  Be It Enacted by the Legislature of the State of Florida:
   14  
   15         Section 1. Section 1009.951, Florida Statutes, is created
   16  to read:
   17         1009.951 Student Loan Forgiveness Program.—Upon
   18  appropriation by the Legislature, there is established the
   19  Student Loan Forgiveness Program to be administered by the
   20  Department of Education.
   21         (1) To be eligible for the program, an individual:
   22         (a) Must be a resident of the state.
   23         (b) Must earn less than $50,000 annually, as reported to
   24  the United States Internal Revenue Service.
   25         (c) Must have graduated from a Florida College System
   26  institution or state university with an associate’s degree or
   27  higher no earlier than July 1, 2012.
   28         (d) Must be enrolled in a federal income-based student loan
   29  repayment program.
   30         (e) May not be enrolled in any other loan forgiveness
   31  program.
   32         (2) An individual that meets the requirements of subsection
   33  (1) may apply to the department for acceptance into the program.
   34  Individuals shall be accepted on a first-come, first-served
   35  basis. Upon acceptance into the program, and from the funds
   36  appropriated for the program, the department shall make a
   37  payment to the individual in an amount equal to his or her
   38  student loan. If funds appropriated for the program are
   39  insufficient to provide adequate funds for each individual
   40  accepted into the program, the department shall prorate payments
   41  by an equal percentage reduction.
   42         (3) Only loans that are not in default and issued pursuant
   43  to the Higher Education Act of 1965, as amended, to pay the
   44  costs of a postsecondary education shall be covered under the
   45  program.
   46         (4) A payment under this section is not taxable income and
   47  shall be made directly to the holder of the loan.
   48         (5) The State Board of Education shall adopt rules to
   49  administer the program.
   50         Section 2. This act shall take effect July 1, 2017.