261.54 - REPAYMENT OF SCIENCE AND MATHEMATICS LOANS.
261.54 REPAYMENT OF SCIENCE AND MATHEMATICS LOANS.
Repayment of a loan made under the science and mathematics loan
program prior to July 1, 1988, shall begin one year after the
recipient completes the educational program for which tuition and
fees were received except as otherwise provided in this section. If
a recipient submits evidence to the commission that the recipient was
employed as a teacher of one or more science or mathematics courses
or as an elementary teacher teaching science and mathematics in a
public school district or nonpublic school in this state or at the
Iowa braille and sight saving school or the Iowa school for the deaf
during that year, fifty percent of the amount of the loan is
canceled. If the recipient continues employment as a teacher of
science or mathematics courses or as an elementary teacher teaching
science and mathematics during the next succeeding school year and
submits evidence to the commission of the continuation of teaching
employment, the recipient is not required to commence repayment
during that school year and at the end of that school year the
remaining fifty percent of the loan is canceled.
There is created a science and mathematics loan repayment fund for
deposit of payments made by recipients. Payments made by recipients
of the loans shall be used to supplement moneys appropriated to the
guaranteed loan payment program. Any funds remaining on June 30 of a
fiscal year shall be transferred from the fund created in this
section to the general fund of the state.
The interest rate collected on the loan shall be equal to the
interest rate being collected by an eligible lender under the
guaranteed loan payment program.
The commission shall prescribe by rule the terms of repayment
which shall provide for monthly payments of principal and interest of
not less than seventy-five dollars. Section History: Recent Form
83 Acts, ch 184, § 9, 15; 84 Acts, ch 1044, § 1; 84 Acts, ch 1060,
§ 2; 85 Acts, ch 263, § 23; 89 Acts, ch 300, § 17; 89 Acts, ch 319, §
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