Section 49-10-6 - Approval of student loan repayment applications from eligible nurses; repayment agreements(a) As used in this Code section, the term:(1) "Eligible applicant" means a person who:(A) Is a legal resident of the State of Georgia as established by rules and regulations of the board;(B) Is a registered professional nurse duly licensed and authorized to practice in this state under Article 1 of Chapter 26 of Title 43;(C) Holds a master's or doctoral degree in nursing; and(D) Is currently employed and has been employed for at least one year as a faculty member of a nursing program at a postsecondary institution that is a unit of the University System of Georgia, an institution subject to paragraph (10) of subsection (a) of Code Section 20-3-250.3, or a unit of the Technical College System of Georgia in a position that requires an advanced degree in professional nursing.(2) "Recipient" means an eligible applicant who applied for and was approved by the board for student loan repayment under this Code section.(3) "Student loan" means debt incurred by an eligible applicant that is: (A) Evidenced by a promissory note which required the funds received to be used to pay for the cost of attendance for the undergraduate, graduate, or professional education of the eligible applicant;(B) Not in default at the time of application for repayment under this Code section; and(C) Not subject to an existing service obligation or to repayment through another student loan repayment or loan forgiveness program or as a condition of employment.(b) The board shall have the authority to approve the applications of eligible applicants submitted in accordance with rules and regulations established by the board governing the student loan repayment application process.(c) The board is authorized to provide for the repayment of student loans held by recipients in consideration of the recipient serving as a faculty member of a nursing program.(d)(1) Each recipient before being granted any student loan repayment shall enter into a student loan repayment agreement with the board agreeing to the terms and conditions upon which the student loan repayment is granted, including such terms and conditions set forth in this Code section.(2) The board shall have the power to terminate a student loan repayment agreement at any time for any cause deemed sufficient by the board, provided that such power shall not be arbitrarily or unreasonably exercised.(e) Each student loan repayment agreement entered into under the authority granted in this Code section shall: (1) Provide for repayment of the recipient's student loans in a total amount to be determined by the board, but not exceeding a maximum of $100,000.00 or the total student loan debt of the recipient, whichever is less, to be paid out in installments made each 12 months over a term of not more than five years. A student loan repayment made pursuant to this Code section shall be paid in such manner as the board shall establish by rules and regulations;(2) Provide that any payment made by the board under a student loan repayment agreement shall be made in consideration of services rendered by the recipient as a faculty member of a nursing program;(3) Provide that the board shall make a payment toward the recipient's student loans, in an amount set forth in the agreement, for each 12 months the recipient serves as a faculty member of a nursing program during the term of the agreement; and(4) Require that the recipient shall remain a legal resident of the state as established by rules and regulations of the board; maintain licensure as a registered professional nurse under Article 1 of Chapter 26 of Title 43; and be employed as a faculty member of a nursing program at all times during the term of the agreement.(f) The board shall adopt such rules and regulations as are reasonable and necessary to implement the provisions of this Code section.(g) Student loan repayment for recipients having entered into a student loan repayment agreement with the board pursuant to this Code section shall be contingent upon the appropriation of funds by the General Assembly for the purposes of this Code section in annual appropriations Acts of the General Assembly.(h) Nothing in this Code section shall authorize the adjustment of a recipient's compensation based on such recipient's receipt of student loan repayment pursuant to this Code section.Added by 2023 Ga. Laws 50,§ 2, eff. 7/1/2023.