Indiana Administrative Code Title 580 - INDIANA MEDICAL AND NURSING DISTRIBUTION LOAN FUND BOARD OF TRUSTEES
Overview
Title 580 of the Indiana Administrative Code governs the Indiana Medical and Nursing Distribution Loan Fund Board of Trustees. This Board oversees the administration of loan funds designed to support medical and nursing professionals through financial assistance programs. These programs aim to encourage the education and retention of healthcare providers in Indiana, especially in underserved areas.
Key Areas Covered
1. Board Composition and Authority
Defines the membership, roles, and responsibilities of the Board of Trustees.
Details the Board’s authority to manage, allocate, and oversee loan funds.
Establishes procedures for meetings, decision-making, and record-keeping.
2. Loan Fund Purpose and Eligibility
Specifies the purpose of the loan funds, such as supporting education, training, or loan repayment for medical and nursing professionals.
Outlines eligibility criteria for applicants, including educational background, licensing, and service commitments.
Targets healthcare professionals practicing in designated shortage areas or underserved communities.
3. Application and Approval Process
Procedures for submitting loan applications, including required documentation and deadlines.
Criteria for reviewing and approving loan applications.
Prioritization of applicants based on need, service area, or specialty.
4. Loan Terms and Conditions
Details the amount, disbursement, and repayment terms of loans.
Defines conditions under which loans may be forgiven or converted based on service commitments.
Specifies obligations of loan recipients, such as maintaining licensure and fulfilling service requirements.
5. Monitoring and Compliance
Processes for monitoring loan recipients’ compliance with service and repayment terms.
Reporting requirements for recipients and oversight by the Board.
Remedies and penalties for non-compliance or default.
6. Financial Management
Guidelines for managing loan fund assets, investments, and expenditures.
Requirements for annual reporting and auditing of the loan fund.
Ensures transparency and accountability in fund administration.
Summary Table
| Area | Details |
|---|---|
| Board Composition | Membership, duties, meeting procedures |
| Loan Fund Purpose & Eligibility | Support for medical/nursing education and service |
| Application Process | Submission, review, approval criteria |
| Loan Terms & Conditions | Amounts, repayment, forgiveness, obligations |
| Monitoring & Compliance | Tracking service, repayment, enforcement |
| Financial Management | Fund oversight, reporting, auditing |
Importance
Supports the development and retention of healthcare professionals in Indiana.
Addresses shortages in medical and nursing services, especially in underserved areas.
Provides financial assistance that reduces the burden of educational debt.
Ensures accountability and effective use of public funds.
Promotes improved access to healthcare for Indiana residents.
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