The bill introduces new provisions for financing postsecondary education in Kansas, particularly focusing on scholarship programs that require repayment. It establishes a uniform interest rate of 5% per annum for repayment obligations related to scholarships and financial aid, effective July 1, 2025, with interest accruing only when repayment begins. The state board of regents is granted authority to recover costs associated with collecting repayments and may charge fees for administering financial assistance programs. Additionally, the bill modifies existing scholarship programs, replacing previous interest rate calculations with the new uniform rate and detailing the repayment process, including installment payments and conditions for turning over accounts to collection agencies.

Moreover, the bill amends several sections of the Kansas Statutes Annotated concerning various scholarship and fellowship programs, including the teacher service scholarship program and the Kansas promise scholarship program. It establishes new requirements for scholarship recipients, mandating repayment if they do not fulfill their agreements, such as residing and working in Kansas post-graduation. The bill also introduces a matching grant program for low-income families to promote postsecondary savings accounts, reducing the maximum number of applications per district and setting a cap on total applications statewide. The treasurer is responsible for administering this program, while previous provisions are repealed to streamline the process.

Statutes affected:
As introduced: 75-4215, 74-3260, 74-3267, 74-3272, 74-3295, 74-32
As Amended by House Committee: 75-4215, 74-3260, 74-3267, 74-3272, 74-3295, 74-32
Enrolled: 75-4215, 74-3260, 74-3267, 74-3272, 74-3295, 74-32, 75-650