This bill amends sections of the Code of West Virginia concerning higher education loan programs, particularly the medical student loan program and health sciences and mental health provider loan repayment programs. Key changes include an increase in the maximum annual loan amount for medical students from $10,000 to $20,000 and a shift in the determination of the repayment interest rate to the Vice Chancellor of Administration, moving away from a fixed rate of 9.5 percent. The bill also replaces scholarship language with loan repayment language in the health sciences and mental health provider programs, ensuring that awards are paid directly to federal loan service providers. Additionally, it removes certain residency requirements for loan eligibility and clarifies service commitment areas for medical professionals.

Furthermore, the bill introduces a new mental health provider student loan repayment program, which allows eligible mental health providers working in underserved areas to receive up to $30,000 in loan repayment over three years, with annual awards contingent upon completing one year of practice. The Higher Education Policy Commission will administer this program and pay awards directly to the participants' federal student loan servicer. The legislation also establishes the Mental Health Provider Student Loan Repayment Fund, which will include unexpended funds and repayments from recipients who do not fulfill their practice agreements. Overall, the bill aims to improve healthcare access in West Virginia by incentivizing providers to serve in areas with significant needs.

Statutes affected:
Introduced Version: 18C-3-1, 18C-3-3
Committee Substitute: 18C-3-1, 18C-3-3
Engrossed Committee Substitute: 18C-3-1, 18C-3-3