The bill establishes a new specialty practice student loan program and creates a specialty medical loan repayment fund, while abolishing the existing psychiatry and OBGYN medical loan repayment funds. It allows for the transfer of funds from the abolished funds to the new specialty medical loan repayment fund. The University of Kansas School of Medicine is empowered to enter into loan agreements with students pursuing approved specialties, with the chancellor responsible for determining workforce needs and eligible specialties. Additionally, the bill mandates annual reporting to legislative committees regarding changes in specialties and service commitment areas.

The bill also amends existing statutes related to the medical student loan act, including provisions for loan agreements and repayment obligations. It specifies that unawarded specialty agreements can be redirected to primary care agreements and outlines penalties for individuals who fail to meet their service commitments or complete residency programs. The repayment process requires individuals to make payments in up to 10 equal annual installments, with provisions for immediate payment of overdue amounts and options for early lump-sum payments. Overall, the bill consolidates existing funds and liabilities related to medical student loans, ensuring that the new fund is used exclusively for students entering approved specialty programs.

Statutes affected:
As introduced: 76-380, 76-386, 76-381, 76-382, 76-384, 76-385