Student financial aid: Assumption Program of Loans for Education.

Existing law establishes the Assumption Program of Loans for Education, administered by the Student Aid Commission, under which any person enrolled in a participating institution of postsecondary education, or any person who agrees to participate in a teacher trainee or teacher internship program, is eligible to enter into an agreement for loan assumption, to be redeemed pursuant to a prescribed procedure upon becoming employed as a teacher if he or she satisfies certain conditions. Existing law prohibits the commission from awarding more than the number of loan assumption agreements that are authorized by the Governor and the Legislature in the annual Budget Act, as provided.