Tuition Loan Program Clause Samples

Tuition Loan Program. In order to supplement VNS's RN Recruitment Program, the parties agree as follows: a. A tuition loan program to assist Per Diem LPN's to become RN employees of VNS is in effect. b. Under the LPN Tuition Loan Program, Per Diem LPN's with one (1) year of service with VNS who either (i) as per visit Employees, meet the requirements of the Per Diem "Plus" Program, or (ii) as Per Diem hourly Employees, agree to work a minimum of 1, 000 hours per year as scheduled by the Employer; and (iii) who have a satisfactory work record, will be eligible for tuition loans subject to the limitations and conditions provided for under the LPN Tuition Program applicable to regular full-time Employees under Article 11.3 of the parties Agreement to pursue an A.A.S. or B.S. in Nursing. There shall be a yearly maximum loan to each participating LPN of $5,250.00. Also, while there is no overall limitation on the number of eligible Per Diem LPNs that can participate in this Tuition Loan Program at any one time, up to two eligible Per Diem LPNs may participate in the first year of the Program and two more eligible Per Diem LPNs may be added as new participants in the Program in each succeeding year thereafter. Each year the Employer will announce an open period in which eligible Per Diem LPNs may apply for a tuition loan for the upcoming year. If more than two eligible Per Diem LPNs apply during the open period, the two Employees with the earliest dates of hire will be approved for participation during the forthcoming year. c. An amount equal to one third (1/3) of the total of tuition loans to an Employee under this Program shall be forgiven upon the Employee's completion of each year of service as a Regular Full-time RN employee of VNS, or as a Per Diem RN COC employee of VNS, with the total loan forgiven after three years of RN service. d. A tuition loan under the Tuition Loan Program, or any remaining unforgiven portion of such loan, shall become immediately repayable, with interest at the then prime rate of interest, (i) upon termination of the Employee's employment with VNS, (ii) upon the Employee's failure to accept an RN position with VNS after completion of the A.A.S. degree program or to continue in employment as a VNS RN, as described above, until total forgiveness of the loan, provided that a period of layoff shall not be treated as a failure to continue employment, or (iii) upon such LPN's failure to meet the work requirements for continued participation in this Tuition L...