40.327 Loan repayment program for registered nurses and licensed practical
374 words·~2 min read·
/ky/40-327A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
nurses employed by Department of Veterans' Affairs -- KHEAA to administer
program -- Funding.
(1)The Kentucky Department of Veterans' Affairs shall create a loan repayment
program for registered nurses and licensed practical nurses within their employ.
(2)The loan repayment program shall apply to any existing student loan incurred by the
employee as a result of that employee's academic or technical studies leading to
becoming a registered nurse or licensed practical nurse.
(3)The loan repayment program shall not apply to loans previously repaid.
(4)Recipients of the loan repayment program shall sign a contract stipulating:
(a)The recipient's existing student loan debt shall be repaid up to twenty-five
percent (25%) of the loan's principal and interest up to a maximum of ten
thousand dollars ($10,000) after satisfactory completion of one
(1)year of
employment at the state veterans' nursing home assigned;
(b)The recipient's student loan shall be repaid up to twenty-five percent (25%) of
the loan's principal and interest up to a maximum of ten thousand dollars
($10,000) after satisfactory completion of a second consecutive full year of
employment at the state veterans' nursing home assigned;
(c)The recipient's student loan shall be repaid up to twenty-five percent (25%) of
the loan's principal and interest up to a maximum of ten thousand dollars
($10,000) after satisfactory completion of a third consecutive full year of
employment at the state veterans' nursing home assigned;
(d)The recipient's student loan shall be repaid up to twenty-five percent (25%) of
the loan's principal and interest up to a maximum of ten thousand dollars
($10,000) after satisfactory completion of a fourth consecutive full year of
employment at the state veterans' nursing home assigned; and
(e)The total amount paid by the loan repayment program shall not exceed forty
thousand dollars ($40,000) for a maximum of four
(4)consecutive full years
of employment per person.
(5)The Kentucky Higher Education Assistance Authority shall administer this program
from funds provided by the Kentucky Department of Veterans' Affairs as funds are
available.
(6)The Kentucky Higher Education Assistance Authority and the Kentucky
Department of Veterans' Affairs shall promulgate administrative regulations
necessary for the effectuation of this section, including limits on the amount of any
loan that will be repaid.