The bill, titled the "Graduate Nursing Scholarship and Forgivable Loan Program Act," aims to address the shortage of primary care providers in South Carolina, particularly in underserved areas, by enhancing access to graduate-level nursing education through forgivable loans. It establishes a new Article 8 in Chapter 111, Title 59 of the South Carolina Code, which outlines the creation of the "South Carolina Graduate Nursing Scholarship and Forgivable Loan Fund." The Department of Health will administer this program, which includes eligibility requirements for applicants, such as being a legal resident of South Carolina and being accepted into an accredited graduate nursing program. The bill also specifies that awards can be up to $10,000 per academic year for a maximum of four years, covering various educational expenses.

Additionally, the bill mandates that recipients must engage in nursing practice in designated shortage areas after obtaining their licensure, with a service obligation of one year for each year of funding received. If recipients fail to fulfill this obligation, they may face penalties, including repayment of the funds received with interest. The Department of Health is also tasked with maintaining a list of designated nursing shortage areas and may enter into agreements with graduate nursing programs. The act is set to take effect on July 1, 2027.