The bill establishes a Nurse Student Loan Repayment Assistance Program under the Washington Health Corps to address the shortage of registered nurses exacerbated by the COVID-19 pandemic. It aims to incentivize nurses to work in underserved areas by providing financial assistance for their student loans in exchange for a service commitment. The program will offer loan repayment assistance to nurses employed by participating healthcare facilities, with the annual award amount determined by a percentage of the nurse's required monthly student loan payments. The bill also amends existing statutes to include definitions and provisions related to the program, such as eligibility criteria for nurses and the responsibilities of the administering office.

Additionally, the bill creates a new account specifically for the nurse student loan repayment assistance program, ensuring that all appropriated funds are deposited and used solely for the program's expenditures. It outlines that the first awards cannot be made until two quarters after the legislature appropriates funds and includes a provision that renders the bill null and void if specific funding is not provided by June 30, 2023. The legislation also sets an expiration date for its provisions on January 1, 2026, while introducing new provisions to allocate funds collected from participating employers specifically for the program.

Statutes affected:
Original Bill: 28B.115.010, 28B.115.020, 28B.115.030, 28B.115.080, 28B.115.090, 28B.115.110
Substitute Bill: 28B.115.010, 28B.115.020, 28B.115.030, 28B.115.080, 28B.115.090, 28B.115.110