CSHB 471(HES): "An Act relating to financial assistance for students attending certain graduate education programs; and providing for an effective date."
00CS FOR HOUSE BILL NO. 471(HES) 01 "An Act relating to financial assistance for students attending certain graduate 02 education programs; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 14.42.030(d) is amended to read: 05 (d) The commission may enter into agreements with government or 06 postsecondary education officials of this state or other states to provide postsecondary 07 educational services and programs to Alaska residents pursuing a medical education. An 08 agreement with another state must be limited to services and programs that are 09 unavailable in Alaska. The commission shall require a person participating in a 10 medical education program offered under this subsection to agree to the repayment 11 condition imposed under AS 14.44.040. 12 * Sec. 2. AS 14.44 is amended by adding a new section to read: 13 Sec. 14.44.040. REPAYMENT CONDITION FOR PROGRAM 14 PARTICIPANTS. (a) Except as provided under (b) and (c) of this section, as a
01 condition of eligibility for receiving financial aid under AS 14.44.010 - 14.44.040, a 02 program participant shall agree to repay to the state the financial aid received by the 03 person from the state plus interest as required for scholarship loans under 04 AS 14.43.120(f). Interest under this section begins to accrue six months after the person 05 terminates studies under the graduate education program. 06 (b) If a person required to repay financial aid under (a) of this section has 07 graduated from the graduate education program for which the person received financial 08 aid, is employed within the state, and is employed in the field for which the person 09 received financial aid, a portion of the financial aid required to be reimbursed to the state 10 shall be forgiven in an amount equal to the following percentages of the total financial 11 aid received from the state plus interest up to a total of 100 percent of the total financial 12 aid received from the state plus interest 13 (1) one year employment, 20 percent; 14 (2) two years employment, an additional 20 percent; 15 (3) three years employment, an additional 20 percent; 16 (4) four years employment, an additional 20 percent; 17 (5) five years employment, an additional 20 percent. 18 (c) Repayment under (a) of this section is required to begin not later than six 19 months after the person terminates studies under the graduate education program, except 20 that a person who qualifies for forgiveness under (b) of this section is not required to 21 begin repayment to the state as long as the person remains qualified for forgiveness 22 under (b) of this section. Forgiveness under (b) of this section only applies to financial 23 aid received by a person that the person has not repaid to the state. 24 * Sec. 3. APPLICABILITY. This Act applies to a person who begins a graduate education 25 program and who receives financial aid from the state on or after July 1, 1996. 26 * Sec. 4. This Act takes effect July 1, 1996.