Student financial aid: Assumption Program of Loans for Education.

Existing law establishes the Assumption Program of Loans for Education, administered by the Student Aid Commission, under which any person enrolled in an eligible institution of postsecondary education, as defined, or any person who agrees to participate in a teacher trainee or teacher internship program, is eligible to enter into an agreement for loan assumption, to be redeemed pursuant to a prescribed procedure upon becoming employed as a teacher in an eligible school, as defined, if he or she satisfies certain conditions. This bill would express the intent of the Legislature to restore the funding for the Assumption Program of Loans for Education to its 2011–12 fiscal year level. The bill would require the commission to award 7,200 new warrants for the assumption of loans under the program in the 2013–14 fiscal year. The bill would appropriate $5,000,000 from the General Fund to the commission for the funding of warrants for the assumption of loans under the program for the 2013–14 fiscal year. This bill would declare that it is to take effect immediately as an urgency statute.