Kansas Statutes 74-32,153. Completion of program of study; forgiveness of workforce development loan; interest rates
Terms Used In Kansas Statutes 74-32,153
- Board: means the board of education of any school district or the board of trustees of any community college. See Kansas Statutes 74-32,253
- Board of regents: means the state board of regents provided for in the constitution of this state and described in article 32 of chapter 74 of Kansas Statutes Annotated. See Kansas Statutes 74-3278
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Program: means the Kansas work-study program established by this act. See Kansas Statutes 74-3275
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(a) Upon completion of the recipient’s program of study, the recipient shall be eligible for forgiveness of the loan by living and working in Kansas.
(b) By annually providing to the board of regents the required documentation certifying that the recipient worked and lived in Kansas throughout the prior year. Such documentation shall be provided to the board of regents within 30 days of the annual due date calculated from the completion of the course of study.
(c) If the required documentation certifying that the recipient lived and worked in Kansas is not received in the prescribed time by the board, the remaining loan amount shall be due and payable as prescribed under Kan. Stat. Ann. § 74-32,154 and amendments thereto.
(d) Interest rates on the loan shall be determined by the state treasurer according to the interest rate received on the state idle funds plus 3%.