(a) Participants in this program are eligible for a maximum of eleven thousand dollars ($11,000) in loan assistance for four years, as follows:
(1) For the first year, two thousand dollars ($2,000) in loan repayment assistance.
Terms Used In California Education Code 69741.5
- commission: means the Student Aid Commission created by this article. See California Education Code 69515
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(2) For the second, third, and fourth years, three thousand dollars ($3,000) in loan repayment assistance for each year.
(b) Notwithstanding any other provision of law, in any fiscal year, the commission shall award no more than the number of warrants that are authorized in the annual Budget Act for that fiscal year for the assumption of loans pursuant to this article.
(Amended by Stats. 2006, Ch. 79, Sec. 28. Effective July 19, 2006.)