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H.R. 14969 (93rd): Health Professions Student Income Contingent Loan Act

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on May 22, 1974.

Health Professions Student Income Contingent Loan Act - States that the Secretary of Health, Education, and Welfare may make loans to students attending any public or other nonprofit school of medicine, osteopathy, dentistry, pharmacy, podiatry, optometry, or veterinary medicine which is located in a State and is accredited. Provides that such loans may not in the aggregate exceed $14,000 for any student for any academic year or its equivalent and may not be made to any student for more than four academic years or their equivalent. Sets forth a formula for determining the rate at which such student loan should be repaid. Establishes in the Treasury a health professions opportunity fund which shall be available to the Secretary without fiscal year limitation, in such amounts as may be specified from time to time in appropriation Acts, to enable him to make loans under this Act. Authorizes appropriations of such sums as may be necessary for the loans authorized by this Act.