39.393 Nursing student loan program.
(1) The board shall establish a loan program to defray the cost of tuition, fees, and expenses for persons enrolled in any of the following:
(a) A program in this state that confers an associate degree in nursing.
(b) A program in this state that confers a bachelor's degree in nursing.
(c) A program in this state that confers a 2nd degree that will make the person eligible for licensure under s. 441.06 or 441.10.
(d) A program in this state that confers a diploma in nursing.
(e) A program in this state that confers a master's degree in nursing.
(f) A program in this state that confers a doctoral degree in nursing.
(2) Beginning in the 2002-03 fiscal year, the board shall make loans under this section from the appropriation under s. 20.235 (1) (cm). The maximum amount of loan for a person during any fiscal year is $3,000. The maximum that a person may receive under this section is $15,000. The board shall ensure that the terms of the loan do not require a loan recipient to repay the loan while the recipient is enrolled in a program under sub. (1).
(3) After the recipient of a loan under sub. (1) has completed the program described in sub. (1), the board shall forgive 25 percent of the loan's principal and interest after the first full year and 25 percent of the loan's principal and interest after the 2nd full year that the recipient has been employed full time in this state as a nurse or nurse educator. The board may forgive loans on a prorated basis for persons who are employed less than full time.
(4) The board shall promulgate rules to implement and administer this section.
History: 2001 a. 16; 2005 a. 368; 2013 a. 114.