(a) The Tennessee student assistance corporation (TSAC) shall administer a loan-scholarship program for graduate students in professional nursing under the following terms and conditions:
Terms Used In Tennessee Code 49-4-702
Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
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.
Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) Any resident of this state who becomes a candidate for a master’s degree in nursing, or any resident with a master’s degree in nursing who becomes a candidate for a doctoral degree program in nursing or a related field that would qualify the person to become a teacher, administrator or supervisor in nursing, shall be eligible to apply to TSAC for a loan-scholarship in an amount established by TSAC, not to exceed the cost of attendance for an academic year to attend an approved graduate school of nursing or an approved doctoral program in nursing or a related field. The loan-scholarship may be received for a maximum of four (4) years. Preference in awarding loan-scholarships shall be given to persons who can enter faculty or administrative positions in this state immediately upon completion of their master’s or post-master’s degree program;(2) Students who teach full-time in a nursing school in this state who have been approved by the state board of nursing, must receive forgiveness of the loan balance based on one (1) year’s teaching service for each year the scholarship was awarded, or proportionate credit for part-time teaching service, as defined by rules; and(3) All loan-scholarships shall be evidenced by notes payable to TSAC, which shall bear interest at an annual rate of interest to be determined by TSAC from and after the completion of the educational program. The notes shall be executed pursuant to the rules and regulations of TSAC. If the recipient does not remain in, or return to, this state to teach or practice, the person shall be required to repay the full value of loan-scholarship funds received at an annual rate of interest to be determined by TSAC from the date of completion of the educational program. The permanent withdrawal or dismissal of any recipient, or the failure of any recipient to do college work in a manner acceptable to TSAC, shall immediately forfeit the recipient’s right to retain the loan-scholarship. Any loan made under this section shall be cancelled by the death or the permanent and total disability of the recipient.(b) TSAC, in conjunction with the Tennessee board of nursing, is authorized to promulgate rules and regulations for the management of the program and the selection of recipients, taking into consideration such factors as academic record of the applicant and shortage areas in the nursing force in this state.(c) TSAC may receive contributions from outside sources for funding the loan-scholarship program under conditions prescribed by TSAC, with the understanding that the funds will be used solely for awards under this section and unused funds shall not revert to the general fund, but shall be carried forward for future student awards.(d) Funding from the state shall not revert to the general fund but shall be carried forward to the next fiscal year for future student awards.(e) This program shall be available for participants beginning July 1, 2006, after rules have been promulgated. TSAC is authorized to use emergency rulemaking in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. The availability of scholarships shall be subject to the appropriation of funds in each year’s general appropriations act.
