Section 144.1490 Responsibilities of Loan Repayment Program
144.1490 RESPONSIBILITIES OF LOAN REPAYMENT PROGRAM.
Subdivision 1.Loan repayment.
Subject to the availability of federal and state funds for the loan repayment program, the commissioner shall pay all or part of the qualifying education loans up to $20,000 annually for each primary care physician participant that fulfills the required service obligation. For purposes of this provision, "qualifying educational loans" are government and commercial loans for actual costs paid for tuition, reasonable education expenses, and reasonable living expenses related to the graduate or undergraduate education of a health care professional.
Subd. 2.Procedure for loan repayment.
Program participants, at the time of signing a contract, shall designate the qualifying loan or loans for which the commissioner is to make payments. The participant shall submit to the commissioner proof that all payments made by the commissioner have been applied toward the designated qualifying loans. The commissioner shall make payments in accordance with the terms and conditions of the state loan repayment grant agreement or contract, in an amount not to exceed $20,000 when annualized. If the amount paid by the commissioner is less than $20,000 during a 12-month period, the commissioner shall pay during the 12th month an additional amount towards a loan or loans designated by the participant, to bring the total paid to $20,000. The total amount paid by the commissioner must not exceed the amount of principal and accrued interest of the designated loans.
History:
1993 c 345 art 11 s 19; 1995 c 212 art 3 s 50; 1995 c 234 art 8 s 41; 1999 c 247 s 15