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 a participating institution of postsecondary education, 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 if he or she satisfies certain conditions. Existing law prohibits the commission from awarding more than the number of loan assumption agreements that are authorized by the Governor and the Legislature in the annual Budget Act, as provided. This bill would, among other things, require a program participant to demonstrate financial need, remove references to the Academic Performance Index, revise the information that the Superintendent is required to furnish to the commission annually regarding the program, and make conforming changes. The bill would require the program to continue to be implemented as it read on January 1, 2017, for specified purposes relating to loan assumption agreements entered into before January 1, 2018. The bill would require the commission to issue 7,200 new warrants for the assumption of loans under the program commencing with the 2017–18 fiscal year.