FISCAL NOTE
FUND(S):
Sources of Revenue:
General Fund
Legislation creates:
A New Program
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Senate Bill 304, if approved, would authorize the State of West Virginia to pay fifteen percent (15%) of a nursing faculty member’s federal Nurse Faculty Loan if he or she teaches at a West Virginia higher education institution for four years.
Currently the West Virginia University (WVU) School of Nursing has a federal grant of $30,000 and the Marshall University (MU) School of Nursing has a federal grant of $40,000 to provide Nurse Faculty Loans. West Virginia University will seek $40,000, while MU will seek $60,000, for such loans in FY 2010. The students are required to pay 15% of their loans ($15,000 total).
If all WVU and MU students receiving the Nurse Faculty Loan teach nursing at a West Virginia higher education institution for four years, the annual cost of this program would be $15,000. Additionally, it is possible that students who attend institutions outside of West Virginia might be attracted to come to West Virginia. While speculative, staff estimates that the additional cost for these students would be $15,000, as well. The total estimated cost of the program: $30,000.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2009 Increase/Decrease (use"-") |
2010 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
0 |
0 |
0 |
Personal Services |
0 |
0 |
0 |
Current Expenses |
0 |
0 |
0 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
0 |
0 |
Other |
0 |
0 |
0 |
2. Estimated Total Revenues |
0 |
30,000 |
30,000 |
Explanation of above estimates (including long-range effect):
Memorandum
The new federal stimulus bill has $100 million in funding for nursing workforce development, so increased federal funds for the Nurse Faculty Loan Program are likely.
Person submitting Fiscal Note: Terry Hess
Email Address: hess@hepc.wvnet.edu