SCS/SB 942 - This act modifies provisions pertaining to the Large Animal Veterinary Medicine Loan Repayment Program and the Large Animal Veterinary Student Loan Program.
The act adds the requirement that permanent residency be "lawful" as a criteria for the eligibility standards applicable to participants in the Large Animal Veterinary Medicine Loan Repayment Program.
Currently, eligible veterinary students at the University of Missouri may be awarded up to $80,000 worth of Large Animal Veterinary Student loans for veterinary school. This act specifies that no more than $20,000 may be awarded per academic year and does not allow the loans to be awarded retroactively.
Under current law, the Department of Agriculture can forgive loans made through the Large Animal Veterinary Student Loan Program in exchange for large animal veterinary service in under-served parts of the state. This act places a dollar limit of $20,000 as the maximum amount that may be forgiven by the Department per year of qualified service. The act also directs the Department of Agriculture to specify terms and conditions of loan forgiveness and repayment in the loan contract.
Under current law, a loan recipient is required to begin repayment within one year of completing the veterinary degree program unless the individual fulfills the qualified service requirement. The act requires a loan recipient who fails to meet the qualified service requirement to begin repayment within 6 months of the first day on which he or she did not meet the service requirement.
The act allows the Department to grant a loan deferment to anyone who is on active duty in any branch of the U.S. armed forces.
The Large Animal Veterinary Student Loan Program shall expire on June 30, 2013.
The act reorganizes the sections pertaining to the Large Animal Veterinary Student Loan Program.