HB 193: "An Act relating to financial assistance for students attending certain graduate education programs; and providing for an effective date."
00HOUSE BILL NO. 193 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. 08 An 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 11 repayment condition imposed under AS 14.44.040. 12 * Sec. 2. AS 14.44 is amended by adding a new section to article 1 to read: 13 Sec. 14.44.040. Repayment condition for program participants. (a) Except 14 as provided under (b) and (c) of this section, as a condition of eligibility for receiving
01 financial aid under AS 14.44.010 - 14.44.040, a program participant shall agree to 02 repay to the state the financial aid received from the state plus interest as required for 03 scholarship loans under AS 14.43.120(f). Interest under this section begins to accrue 04 six months after the person terminates studies under the graduate education program. 05 (b) If a person required to repay financial aid under (a) of this section has 06 graduated from the graduate education program for which the person received financial 07 aid, is employed within the state, and is employed in the field for which the person 08 received financial aid, a portion of the financial aid required to be reimbursed to the 09 state shall be forgiven in an amount equal to the following percentages of the total 10 financial aid received from the state plus interest up to a total of 100 percent of the 11 total financial aid received from the state plus interest: 12 (1) one year employment, 20 percent; 13 (2) two years employment, an additional 20 percent; 14 (3) three years employment, an additional 20 percent; 15 (4) four years employment, an additional 20 percent; 16 (5) five years employment, an additional 20 percent. 17 (c) Repayment under (a) of this section is required to begin not later than six 18 months after the person terminates studies under the graduate education program, 19 except that a person who qualifies for forgiveness under (b) of this section is not 20 required to begin repayment to the state as long as the person remains qualified for 21 forgiveness under (b) of this section and a person employed in a medical residency 22 program is not required to begin repayment to the state as long as the person remains 23 in the medical residency program. Forgiveness under (b) of this section only applies 24 to financial aid received by a person that the person has not repaid to the state. 25 * Sec. 3. APPLICABILITY. This Act applies to a person who begins a graduate education 26 program and who receives financial aid from the state on or after July 1, 1997. 27 * Sec. 4. This Act takes effect July 1, 1997.