BILL REQ. #: H-3446.1
State of Washington | 62nd Legislature | 2012 Regular Session |
Read first time 01/11/12. Referred to Committee on Labor & Workforce Development.
AN ACT Relating to the aerospace training student loan program; amending RCW 28B.122.010, 28B.122.020, 28B.122.040, 28B.122.050, and 28B.122.060; and providing an effective date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 28B.122.010 and 2011 c 8 s 1 are each amended to read
as follows:
The definitions in this section apply throughout this chapter
unless the context clearly requires otherwise.
(1) "Aerospace training or educational program" means a course in
the aerospace industry offered ((either)) by the Washington aerospace
training and research center ((or)), the Spokane aerospace technology
center, or Renton technical college.
(2) (("Board" means the higher education coordinating board.)) "Eligible student" means a student who is registered for an
aerospace training or educational program, is making satisfactory
progress as defined by the program, and has a declared intention to
work in the aerospace industry in the state of Washington.
(3)
(3) "Office" means the office of student financial assistance.
(4) "Participant" means an eligible student who has received an
aerospace training student loan.
(5) "Student loan" means a loan that is approved by the ((board))
office and awarded to an eligible student.
Sec. 2 RCW 28B.122.020 and 2011 c 8 s 2 are each amended to read
as follows:
(1) The aerospace training student loan program is established.
(2) The program shall be designed in consultation with
representatives of aerospace employers, aerospace workers, and
aerospace training or educational programs.
(3) The program shall be administered by the ((board)) office. In
administering the program, the ((board)) office has the following
powers and duties:
(a) To screen and select, in coordination with representatives of
aerospace training or educational programs, eligible students to
receive an aerospace training student loan;
(b) To consider an eligible student's financial inability to meet
the total cost of the aerospace training or educational program in the
selection process;
(c) To issue low-interest student loans;
(d) To establish an annual loan limit equal to the cost of
attendance minus any other financial aid received;
(e) To define the terms of repayment, including applicable interest
rates, fees, and deferments;
(f) To collect and manage repayments from students who do not meet
their obligations under this chapter;
(g) To solicit and accept grants and donations from public and
private sources for the program; and
(h) To adopt necessary rules.
Sec. 3 RCW 28B.122.040 and 2011 c 8 s 4 are each amended to read
as follows:
The ((board)) office may award aerospace training student loans to
eligible students from the funds available in the aerospace training
student loan account for this program. The amount of the student loan
awarded an individual may not exceed tuition and fees for the program
of study.
Sec. 4 RCW 28B.122.050 and 2011 c 8 s 5 are each amended to read
as follows:
(1) The aerospace training student loan account is created in the
custody of the state treasurer. No appropriation is required for
expenditures of funds from the account for student loans. An
appropriation is required for expenditures of funds from the account
for costs associated with program administration by the ((board))
office. The account is not subject to allotment procedures under
chapter 43.88 RCW.
(2) The ((board)) office shall deposit into the account all moneys
received for the program. The account shall be self-sustaining and
consist of moneys received for the program by the ((board)) office, and
receipts from participant repayments, including principal and interest.
(3) Expenditures from the account may be used solely for student
loans to participants in the program established by this chapter and
costs associated with program administration by the ((board)) office.
(4) Disbursements from the account may be made only on the
authorization of the ((board)) office.
Sec. 5 RCW 28B.122.060 and 2011 c 8 s 6 are each amended to read
as follows:
(1) The ((board)) office, in collaboration with aerospace training
or educational programs, shall submit an annual report regarding the
aerospace training student loan program to the governor and to the
appropriate committees of the legislature.
(2) The annual report shall describe the design and implementation
of the aerospace training student loan program, and shall include the
following:
(a) The number of applicants for loans;
(b) The number of participants in the loan program;
(c) The number of participants in the loan program who complete an
aerospace training or educational program;
(d) The number of participants in the loan program who are placed
in employment;
(e) The nature of that employment, including: (i) The type of job;
(ii) whether the job is full-time, part-time, or temporary; (iii)
whether the job pays annual wages that are: (A) Less than thirty
thousand dollars; (B) thirty thousand dollars or greater, but less than
sixty thousand dollars; or (C) sixty thousand dollars or more; and
(f) Demographic profiles of applicants for loans and participants
in the loan programs.
(3) The annual report shall be submitted by December 1st of each
year after July 22, 2011.
NEW SECTION. Sec. 6 This act takes effect July 1, 2012.