Section 1. Section 53H-8-614 is enacted to read:53H-8-614. Graduate Student Supplemental Revolving Loan Account.(1)As used in this section:(a)"Account" means the Graduate Student Supplemental Revolving Loan Account that this section establishes.(b)"Eligible graduate student" means a student who is enrolled at a degree-granting institution in a graduate program that:(i)does not meet the federal definition of a professional degree program for purposes of federal financial aid borrowing limits for graduate students; and(ii)may include nursing, physician assisting, public health, social work, counseling, physical therapy, occupational therapy, audiology, architecture, accounting, and education.(2)This section establishes a revolving loan account known as the Graduate Student Supplemental Revolving Loan Account.(3)The account consists of:(a)each degree-granting institution's unspent carry-forward balance as of July 1, 2027;(b)any appropriations the Legislature makes to the account;(c)any contributions or grants from any other private or public sources for deposit into the account; and(d)all money the board collect from loan repayments.(4)(a)The account shall earn interest.(b)All interest earned on account money shall be deposited into the account.(5)The board:(a)shall administer the account;(b)shall deposit all loan repayment money into the account; and(c)may use money in the account to:(i)provide certain supplemental graduate students loans in accordance with Subsection (6); and(ii)pay the board for the costs of:(A)administering the account;(B)providing the loans described in Subsection (6); and(C)obtaining repayments of the loans described in Subsection (6).(6)The board shall make rules, in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, to:(a)establish a competitive low-interest student loan for eligible graduate students to provide loan funding for the amount between the federal financial aid borrowing limit for eligible graduate students and the full cost of the student's relevant graduate program; and(b)establish processes for administration of the loans described in Subsection (6)(a), including for application, lending, and repayment.(7)Following the close of each fiscal year, the board shall submit an annual report of the board's activities under this section for the preceding year to the governor and the Higher Education Appropriations Subcommittee that includes a complete operating and financial statement for the loans the board provides under this section.