Section 1. Section 53H-8-614 is enacted to read:53H-8-614. Graduate Student Supplemental Revolving Loan Fund.(1)As used in this section:(a)"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, marriage and family therapy, physical therapy, occupational therapy, audiology, architecture, accounting, and education.(b)"Fund" means the Graduate Student Supplemental Revolving Loan Account that this section establishes.(2)This section establishes a revolving loan fund known as the Graduate Student Supplemental Revolving Loan Fund.(3)The fund 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 fund;(c)any contributions or grants from any other private or public sources for deposit into the fund; and(d)all money the board collect from loan repayments.(4)(a)The fund shall earn interest.(b)All interest earned on fund money shall be deposited into the fund.(5)The board:(a)shall administer the fund;(b)shall deposit all loan repayment money into the fund; and(c)may use money in the fund 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 fund;(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.

Section 2. Section 63A-3-205 is amended to read:63A-3-205. Revolving loan funds -- Standards and procedures.(1)As used in this section, "revolving loan fund" means:(a)the Water Resources Conservation and Development Fund, created in Section 73-10-24;(b)the Water Resources Construction Fund, created in Section 73-10-8;(c)the Clean Fuel Conversion Funds, created in Title 19, Chapter 1, Part 4, Clean Fuels and Emission Reduction Technology Program Act;(d)the Water Development Security Fund and its subaccounts, created in Section 73-10c-5;(e)the Agriculture Resource Development Fund, created in Section 4-18-106;(f)the Utah Rural Rehabilitation Fund, created in Section 4-19-105;(g)the Permanent Community Impact Fund, created in Section 35A-8-303;(h)the Petroleum Storage Tank Fund, created in Section 19-6-409;(i)the Uintah Basin Revitalization Fund, created in Section 35A-8-1602;(j)the Navajo Revitalization Fund, created in Section 35A-8-1704; and(k)the Energy Efficiency Fund, created in Section 11-45-201.; and(l)the Graduate Student Supplemental Revolving Loan Fund, created in Section 53H-8-614.(2)The division shall for each revolving loan fund make rules establishing standards and procedures governing:(a)payment schedules and due dates;(b)interest rate effective dates;(c)loan documentation requirements; and(d)interest rate calculation requirements.

Section 3. Effective Date.This bill takes effect on July 1, 2026.