CSSB 39(FIN): "An Act relating to memorial scholarship loans; and providing for an effective date."
00CS FOR SENATE BILL NO. 39(FIN) 01 "An Act relating to memorial scholarship loans; and providing for an effective 02 date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 14.43.300(b) is amended to read: 05 (b) A loan made under AS 14.43.250 - 14.43.325 may be used only as follows: 06 (1) a Michael Murphy memorial scholarship loan may be used only to 07 pursue a certificate or degree program in an accredited college or university in law 08 enforcement, law, probation and parole, or penology, or closely related fields; 09 (2) a Carroll L. "Butch" Swartz memorial scholarship loan may be used 10 only to pursue a degree program in an accredited college or university in criminal law, 11 criminology, corrections, police science and administration, juvenile justice, or other 12 fields closely related to criminal justice; 13 (3) a Harvey Golub memorial scholarship loan may be used only to 14 pursue a degree program in an accredited college or university in civil, mechanical,
01 electrical, electronic, petroleum, mining, traffic and transportation, sanitary, chemical, 02 or other recognized field of engineering; 03 (4) a Robert L. Thomas memorial scholarship loan may be used only 04 to pursue a degree program in an accredited college or university that will lead to a 05 career in education or public administration, or other closely related field; 06 (5) an A.W. (Winn) Brindle memorial scholarship loan may be used 07 only to pursue a certificate or degree program in an accredited school, college, or 08 university in fisheries, fishery science, fishery management, seafood processing, food 09 technology, or other closely related field; and 10 (6) a Nick Begich memorial scholarship loan may be used only to 11 pursue a degree program in an accredited college or university that will lead to a 12 career in education, public administration, government, or other closely related field. 13 * Sec. 2. AS 14.43.305(e) is amended to read: 14 (e) A recipient of a memorial scholarship loan under AS 14.43.250(b)(1) - (4) 15 or (6) who graduates from a degree program, or for a loan under AS 14.43.250(b)(1) 16 from a certificate program, shall receive forgiveness of one-fifth of loan principal 17 [INDEBTEDNESS] for each one-year period the recipient is employed full time in 18 Alaska in 19 (1) law-enforcement or related fields, if a recipient of a Michael 20 Murphy memorial scholarship loan; 21 (2) criminal law, criminal justice, or other closely related fields, if a 22 recipient of a Carroll L. "Butch" Swartz memorial scholarship loan; 23 (3) a recognized branch of the engineering profession or other closely 24 related fields, if a recipient of a Harvey Golub memorial scholarship loan; 25 (4) education or public administration, or other closely related field, if 26 a recipient of a Robert L. Thomas memorial scholarship loan; or 27 (5) education, public administration, government, or other closely 28 related field, if a recipient of a Nick Begich memorial scholarship loan. 29 * Sec. 3. AS 14.43.305(f) is amended to read: 30 (f) That portion of the loan that is forgiven under (e) or (j) of this section shall 31 be considered a grant to the recipient.
01 * Sec. 4. AS 14.43.305(i) is amended to read: 02 (i) To the extent they are not in conflict with terms and conditions under 03 AS 14.43.250 - 14.43.325, the terms and conditions of a memorial scholarship loan 04 made under AS 14.43.250(b)(5) are the same as the terms and conditions for a 05 scholarship loan under AS 14.43.090 - 14.43.160, except that the interest on the loan 06 is equal to five percent. 07 * Sec. 5. AS 14.43.305 is amended by adding a new subsection to read: 08 (j) A recipient of a memorial scholarship loan under AS 14.43.250(b)(5) who 09 graduates from a certificate or degree program shall receive forgiveness of 10 percent 10 of loan principal, up to a maximum of 50 percent of loan principal, for each one-year 11 period during the first five years following graduation that the recipient is employed 12 full time in the state in fisheries, fishery science, fishery management, seafood 13 processing, food technology, or other closely related field. 14 * Sec. 6. This Act applies to principal due on a loan entered into on or after July 1, 1995. 15 * Sec. 7. This Act takes effect July 1, 1995.