2001-2002 Bill 4967: Higher Education Commission Regulation, Student Loan Corporation (D.No

BIL:4967

TYP:Joint Resolution JR

INB:House

IND:20020326

PSP:Education and Public Works Committee HEPW 21

SPO:Education and Public Works Committee

DDN:l:\council\bills\nbd\11463ac02.doc

RBY:Senate

COM:Education Committee 04 SED

SUB:Higher Education Commission regulation, Student Loan Corporation (D.No. 2625)

HST:

BodyDateAction DescriptionComLeg Involved

______

Senate20020403Introduced, read first time,04 SED

referred to Committee

House20020403Read third time, sent to Senate

House20020402Read second time

House20020326Introduced, read first time,

placed on Calendar without reference

Versions of This Bill

Revised on 20020326

TXT:

INTRODUCED

March 26, 2002

H.4967

Introduced by Education and Public Works Committee

S. Printed 3/26/02--H.

Read the first time March 26, 2002.

[4967-1]

A JOINT RESOLUTION

TO APPROVE REGULATIONS OF THE COMMISSION ON HIGHER EDUCATION, RELATING TO STUDENT LOAN CORPORATION, DESIGNATED AS REGULATION DOCUMENT NUMBER 2625, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE 1976 CODE.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION1.The regulations of the Commission on Higher Education, relating to Student Loan Corporation, designated as Regulation Document Number 2625, and submitted to the General Assembly pursuant to the provisions of Article 1, Chapter 23, Title 1 of the 1976 Code, are approved.

SECTION2.This joint resolution takes effect upon approval by the Governor.

XXX

SUMMARY AS SUBMITTED

BY PROMULGATING AGENCY.

This regulation will amend current regulation to reflect changes made by the South Carolina Legislature. The changes will expand the eligibility criteria for cancellation of outstanding South Carolina Teacher Loan Program obligations. Current regulations allow recipients cancellation eligibility when they teach in a subject area designated as critical at the time the loan is made. The new regulation will allow recipients cancellation eligibility when they teach in a subject area designated as critical at the time the loan is made or subsequently. The rate of cancellation will be amended. Currently a percentage of the debt is cancelled regardless of the amount of the debt. The new regulation will allow the greater of the percentage of the debt or a set dollar amount to be cancelled for teaching service. In addition the new regulation will allow individuals changing careers to enter the teaching profession and individuals participating in the South Carolina Critical Needs Certification Program to receive loan assistance. This regulation establishes eligibility criteria and administrative changes for these two groups.

Section 62120(B) addresses eligibility criteria for individuals changing careers to enter the teaching profession.

Section 62120(C) addresses eligibility criteria for individuals participating in the South Carolina Department of Education’s Critical Needs Certification Program.

Section 62130(B) addresses coordination of this and other programs of financial aid and the disbursement of funds.

Sections 62132(A) and (B) address the loan cancellation rates.

Section 62132(A)(1) addresses the critical subject areas upon which cancellation is based.

Section 62132(C)(1) addresses the administrative process for loans made to individuals participating in the Critical Needs Certification Program.

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