Bill > HB28

This bill establishes a student loan repayment pilot program administered by the Alaska Commission on Postsecondary Education to help full-time certificated public school teachers and full-time state employees pay off their student loans. Eligible participants must have completed a postsecondary degree or certificate program and have outstanding student loans. The program will provide grants of varying amounts based on the total student loan balance, with recipients potentially receiving up to $12,000 over three years. Participants can receive grants each year, with the amount increasing in subsequent years: for loans totaling $24,000 or more, grants range from $4,000 in the first year to $12,000 in the third year, while for smaller loans, the grant percentage increases from one-sixth to one-half of the original balance. The program is limited to 125 grants per fiscal year, with a total annual funding cap of $1,000,000. The commission is required to track the program's effectiveness in recruiting and retaining teachers and state employees and must submit annual reports to the legislature from 2026 to 2028, with a comprehensive analysis of the program's success due by December 31, 2029. The pilot program is set to expire on January 1, 2028.

Education

https://www.akleg.gov/basis/Bill/Detail/34?Root=HB28