SPARC Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The SPARC Act aims to address shortages of specialty medicine physicians and non-physician specialty health care providers in rural areas by creating a loan repayment program. Physicians and providers who commit to working in these underserved communities for six years can receive a portion of their eligible student loan principal and interest payments. The program covers loans similar to Federal Direct Stafford Loans and Perkins Loans, and it prioritizes full-time employment in rural areas experiencing shortages.
Key provisions
- Creates a loan repayment program for specialty medicine physicians and non-physician specialty health care providers.
- Eligible loans include Federal Direct Stafford Loans, Perkins Loans, and other Federal loans.
- Participants commit to a 6-year period of full-time service in a designated rural community.
- The Secretary will pay 1/6 of the principal and interest on eligible loans annually during the service period.
- Maximum payment per provider is capped at $250,000.
- Non-physician providers are eligible, but receive a smaller percentage of loan repayment.
- Providers cannot receive loan forgiveness from other federal programs simultaneously.
- The program requires regular reporting to Congress on its impact.
Who is affected
- Specialty medicine physicians
- Non-physician specialty health care providers
- Rural communities
Bill text
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Sponsors
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6 on record
Primary sponsor
Cosponsors
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