California Education Code Section 69666

(a) The terms of a loan assumption granted under this article shall be as follows, subject to the specific terms of each agreement: (1) After a program participant has completed one year of full-time employment pursuant to Section 69665, the commission shall assume up to five thousand dollars ($5,000) of the participant`s outstanding liability under one or more of the designated educational loan programs. (2) After a program participant has completed two consecutive years of full-time employment pursuant to Section 69665, the commission shall assume up to an additional five thousand dollars ($5,000) of the participant`s outstanding liability under one or more of the designated educational loan programs, for a total loan assumption of up to ten thousand dollars ($10,000). (3) After a program participant has completed three consecutive years of full-time employment pursuant to Section 69665, the commission shall assume up to a maximum of an additional five thousand dollars ($5,000) of the participant`s outstanding liability under one or more of the designated educational loan programs, for a total loan assumption of up to fifteen thousand dollars ($15,000). (4) After a program participant has completed four consecutive years of full-time employment pursuant to Section 69665, the commission shall assume up to a maximum of an additional five thousand dollars ($5,000) of the participant`s outstanding liability under one or more of the designated educational loan programs, for a total loan assumption of up to twenty thousand dollars ($20,000). (b) The commission may assume liability for loans approved by the commission and disbursed prior to the date of the program participant being licensed as a physician assistant. (c) Loans with the highest interest rate shall be given assumption priority, then loans with the earliest deadlines, and then all other loans. (d) The term of the loan assumption agreement shall be not more than 10 years from the date on which the agreement was executed by the program participant and the commission. (e) A grace period for loan assumption under this program shall be established, as determined necessary by the commission, in consultation with the community of health professionals and representatives of the Health Professions Education Foundation, Physician Assistant Committee of the Medical Board of California, and the California Academy of Physician Assistants.