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A BILL TO BE ENTITLED
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AN ACT
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relating to the use of money from Veterans' Land Board funds to |
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provide educational benefits to veterans. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 56, Education Code, is amended by adding |
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Subchapter G to read as follows: |
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SUBCHAPTER G. TEACHER INCENTIVE LOAN INTEREST PAYMENT PROGRAM FOR |
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CERTAIN VETERANS |
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Sec. 56.101. DEFINITIONS. In this subchapter: |
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(1) "Coordinating board" means the Texas Higher |
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Education Coordinating Board. |
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(2) "Program" means the teacher incentive loan |
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interest payment program established under this subchapter. |
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Sec. 56.102. ESTABLISHMENT; PURPOSE. The coordinating |
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board shall establish and administer the teacher incentive loan |
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interest payment program for the purpose of providing payment |
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assistance on education loan interest to eligible veterans. |
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Sec. 56.103. ELIGIBILITY. To be eligible for payment |
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assistance on education loan interest under the program, an |
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individual must: |
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(1) be employed as a full-time faculty member in a |
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public school district in this state for at least four years; |
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(2) be a Texas resident; |
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(3) be a veteran of the armed forces of the United |
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States or of the military forces of this state who has served on |
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active military duty in the service of this state or the United |
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States; |
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(4) have qualified for student financial aid based on |
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financial need while enrolled in an undergraduate degree program; |
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and |
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(5) comply with any other requirements adopted by the |
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coordinating board for the effective administration of the program. |
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Sec. 56.104. ELIGIBLE LOANS. The coordinating board may |
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provide payment assistance on education loan interest under the |
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program for the payment of any education loan interest charged to an |
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eligible individual through any lender. |
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Sec. 56.105. LOAN INTEREST PAYMENT ASSISTANCE. The |
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coordinating board shall provide assistance in the payment of |
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interest on an eligible loan to an eligible individual in the amount |
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of the interest on an eligible loan and under the terms the |
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coordinating board considers appropriate to further the purposes of |
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the program and the best interests of this state. |
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Sec. 56.106. FUNDING; LIMITATION ON FUNDING. (a) The |
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program may be funded only from a source provided by this section. |
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The total amount of education loan interest payment assistance paid |
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under the program may not exceed the amount of money available for |
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the program under this section. |
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(b) The comptroller shall set aside money in the veterans' |
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land fund, the veterans' housing assistance fund, or the veterans' |
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housing assistance fund II in the amounts provided by legislative |
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appropriation for the purposes of the program. The money shall be |
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retained in the applicable funds, and any appropriated amount not |
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used for purposes of this subchapter is available for the other |
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purposes for which the fund is established when the appropriation |
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lapses. The appropriated money may be used only to provide loan |
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interest payment under this subchapter and to cover the costs of |
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administering this subchapter. |
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(c) The coordinating board may solicit and accept gifts and |
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grants from any public or private source for the purposes of the |
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program. |
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Sec. 56.107. RULES. The coordinating board shall adopt |
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rules as necessary for the administration of this subchapter. |
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SECTION 2. This Act takes effect on the date the |
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constitutional amendment proposed by the 83rd Legislature, Regular |
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Session, 2013, authorizing the use of available Veterans' Land |
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Board money for the payment of educational benefits for veterans is |
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approved by the voters. If that amendment is not approved by the |
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voters, this Act has no effect. |