AN ACT TO MAKE NECESSARY IMPROVEMENTS TO ENSURE STATE FUNDS FOR POSTSECONDARY EDUCATIONAL FINANCIAL AID PROGRAMS ARE FULLY EXPENDED AND TO GAUGE THE EFFECTIVENESS OF THOSE PROGRAMS.
Amends GS 116-209.45 to detail information required to be included in the State Education Assistance Authority's annual report to the specified NCGA committee regarding the Forgivable Education Loans for Service Fund and loans awarded from the Funds. Requires the reports to include the total number of loan recipients who have met employment service requirements for loan forgiveness or elect cash loan repayment. Requires the individual records used to generate the annual reports to be retained for five years.
Requires the State Education Assistance Authority (Authority) to include initial information on loan recipients of the Forgivable Education Loans for Service program, including recipients' field of work, in its annual report by December 1, 2020.
Directs the Authority to develop and maintain a record-keeping system to track repayment methods used by recipients of State-funded educational loans that are eligible for forgiveness based on individual employment service requirements. Provides that the system should facilitate other specified data reporting requirements on State-funded education loan programs and inform as to whether the programs are meeting NC employment needs. Requires the Authority to report implementation progress to the specified NCGA committees by January 1, 2021.
Effective July 1, 2021, amends GS 116-209.14 to require the Authority to biennially develop and maintain a strategic plan that sets performance goals, as specified, of the Authority in the administration of State-funded financial assistance for postsecondary programs. Requires the Authority to make the current strategic plan available on its website. Requires the Authority to include its implementation of its strategic plan in the existing annual reporting requirement to the Governor and the NCGA. Expands the required components of the annual reports to include the strategic plan adopted and data metrics on State-funded financial assistance program administration and program recipients, as specified.
Directs the Authority to report on its progress in meeting the requirements of GS 116-209.14, as amended, to the specified NCGA committees by January 1, 2021.
Appropriates $700,000 in recurring funds from the General Fund to the UNC Board of Governors to be allocated to the Authority for administrative costs in the administration of the UNC Need-Based Financial Aid Program.
Directs the Office of State Budget and Management (OSBM) to develop recommendations on increasing transparency in administrative cost reporting for the Need-Based Scholarships for Students Attending Private Institutions of Higher Education Program, including a method for reporting funding received by the Authority in its financial statements. Requires OSBM to report its recommendations and associated timeline for any proposed legislative changes to the specified NCGA committees by June 30, 2020.
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