(a) The Commission shall provide a loan assumption agreement to each nominated eligible applicant selected by the Commission to be a program participant. The loan assumption agreement shall be effective when both the program participant and the Commission have signed the agreement.
(b) The loan assumption agreement shall include the following:
(1) For a program participant who is enrolled in or admitted to a nursing degree program, the program participant's agreement to:
(i) maintain satisfactory academic progress;
(ii) maintain enrollment on at least a half-time basis each academic term at an accredited college or university;
(iii) continue to satisfy the eligibility requirements in section 30911(b)(1)-(6);
(iv) teach nursing on a full-time basis at one or more regionally accredited California colleges or universities for at least three consecutive academic years, or part-time for the equivalent of three full time academic years, starting within twelve (12) months after obtaining a baccalaureate or graduate degree in nursing or a field related to nursing, unless, within twelve (12) months after obtaining such a degree, the participant enrolls in a program leading to a more advanced academic degree in nursing or a field related to nursing;
(v) authorize the accredited college or university attended by the applicant, employers, and lenders to provide information requested by the Commission for the purposes of administering the loan assumption agreement; and
(vi) comply with all laws and regulations applicable to the program.
(vii) notify the Commission of starting date of employment within 2 weeks of obtaining eligible employment.
(2) For a program participant who has successfully completed a baccalaureate or graduate level degree in nursing or a field related to nursing at the time of application, the-program participant's agreement to:
(i) continue to satisfy the eligibility requirements in section 30911(b)(1)-(6);
(ii) teach nursing on a full-time basis at one or more regionally-accredited California colleges or universities for at least three consecutive academic years, or part-time for the equivalent of three full time academic years, within twelve (12) months of receiving the degree;
(iii) authorize the accredited college or university attended by the applicant, employers, and lenders to provide information requested by the Commission for the purposes of administering the loan assumption agreement; and
(iv) comply with all laws and regulations applicable to the program.
(v) authorize the accredited college or university attended by the applicant, employers, and lenders to provide information requested by the Commission for the purposes of administering the loan assumption agreement; and
(vi) comply with all laws and regulations applicable to the program.
(vii) notify the Commission of starting date of employment within 2 weeks of obtaining eligible employment.
(3) The Commission shall agree that:
(i) after the program participant has completed one academic year of teaching nursing studies on a full-time basis, or the equivalent on a part-time basis, at one or more regionally accredited California colleges or universities, the Commission shall assume, subject to the requirements of section 30915, up to eight thousand three hundred thirty-three dollars ($8,333) of the outstanding liability of the participant under one or more of the designated loan programs;
(ii) after the program participant has completed two consecutive academic years of teaching nursing studies on a full-time basis, or the equivalent on a part-time basis, at one or more regionally accredited California colleges or universities, the Commission shall assume, subject to the terms of section 30915, up to an additional eight thousand three hundred thirty-three dollars ($8,333) of the outstanding liability of the participant under one or more of the designated loan programs, for a total loan assumption of up to sixteen thousand six hundred sixty-six dollars ($16,666); and
(iii) after the program participant has completed three consecutive academic years teaching nursing studies on a full-time basis, or the equivalent on a part-time basis, at one or more regionally accredited California colleges or universities, the Commission shall assume, subject to the terms of section 30915, up to an additional eight thousand three hundred thirty-four dollars ($8,334) of the outstanding liability of the participant under one or more of the designated loan programs, for a total loan assumption of up to twenty-five thousand dollars ($25,000).
(c) The term of the loan assumption agreement shall be no more than 10 years from the date signed by the program participant and the Commission unless extended pursuant to Section 30916.
(d) The loan assumption agreement shall constitute a conditional warrant that may be redeemed with the Commission as specified in section 30915. A participant in this program shall not receive more than one loan assumption agreement.
(e) The loan assumption agreement shall include the participant's certification that he or she understands:
(1) The consequences of failing to comply with the loan assumption agreement as specified in section 30916
(2) The requirements to redeem the conditional warrant as specified in section 30915
(3) he or she must respond to all communications and request from the Commission within ten business days
(4) he or she must report any change in status that may affect his or her SNAPLE-NF eligibility
(5) If it is determined that a loan assumption payment was authorized based on misleading or incorrect information, he or she will be required to reimburse the Commission
(6) he or she must comply with all laws and regulations applicable to the program
1. New section filed 5-7-2007; operative 5-7-2007 pursuant to Government Code section 11343.4 (Register 2007, No. 19).
2. Amendment of subsections (a) and (b)(1), new subsections (b)(1)(vii)-(b)(2)(vii), subsection renumbering and new subsections (e)-(e)(6) filed 6-10-2008; operative 6-10-2008 pursuant to Government Code section 11343.4 (Register 2008, No. 24).
This database is current through 5/10/24 Register 2024, No. 19.
