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A BILL TO BE ENTITLED
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AN ACT
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relating to the partial forgiveness of Texas B-On-time loans for |
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certain graduates of four-year public and private institutions of |
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higher education. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 56.462, Education Code, is amended to |
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read as follows: |
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Sec. 56.462. LOAN FORGIVENESS. (a) A student who receives |
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a Texas B-On-time loan shall be forgiven the amount of the student's |
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loan if the student is awarded an undergraduate certificate or |
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degree at an eligible institution with a cumulative grade point |
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average of at least 3.0 on a four-point scale or the equivalent: |
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(1) within: |
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(A) four calendar years after the date the |
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student initially enrolled in the institution or another eligible |
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institution if: |
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(i) the institution is a four-year |
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institution; and |
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(ii) the student is awarded a degree other |
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than a degree in engineering, architecture, or any other program |
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determined by the coordinating board to require more than four |
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years to complete; |
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(B) five calendar years after the date the |
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student initially enrolled in the institution or another eligible |
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institution if: |
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(i) the institution is a four-year |
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institution; and |
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(ii) the student is awarded a degree in |
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engineering, architecture, or any other program determined by the |
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coordinating board to require more than four years to complete; or |
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(C) two years after the date the student |
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initially enrolled in the institution or another eligible |
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institution if the institution is a public junior college or public |
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technical institute; or |
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(2) with a total number of semester credit hours, |
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including transfer credit hours and excluding hours earned |
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exclusively by examination, hours earned for a course for which the |
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student received credit toward the student's high school academic |
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requirements, and hours earned for developmental coursework that an |
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institution of higher education required the student to take under |
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Section 51.3062 or under the former provisions of Section 51.306, |
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that is not more than six hours more than the minimum number of |
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semester credit hours required to complete the certificate or |
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degree. |
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(b) A student who receives a Texas B-On-time loan and does |
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not qualify for loan forgiveness under Subsection (a) shall be |
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forgiven 50 percent of the amount of the student's loan if the |
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student is awarded an undergraduate degree at an eligible four-year |
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institution or eligible institution that offers only junior-level |
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and senior-level undergraduate courses with a cumulative grade |
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point average of at least 2.5 on a four-point scale or the |
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equivalent within five calendar years after the date the student |
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initially enrolled in the institution or another eligible |
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institution. |
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SECTION 2. Subsection (b), Section 56.462, Education Code, |
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as added by this Act, applies only to a student who is awarded an |
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undergraduate degree on or after the effective date of this Act, |
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without regard to when the student is awarded a Texas B-On-time |
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loan. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |