CSHB 405(MLV): "An Act relating to repayment of a percentage of student loans for a member of the armed forces deployed since 2001."
00 CS FOR HOUSE BILL NO. 405(MLV) 01 "An Act relating to repayment of a percentage of student loans for a member of the 02 armed forces deployed since 2001." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 14.43 is amended by adding a new section to read: 05 Sec. 14.43.925. Loan repayment for certain military personnel. (a) A 06 portion of a loan made to a borrower by the commission shall be repaid by the state if 07 the borrower is a resident of the state, and 08 (1) has served in the armed forces; 09 (2) was deployed to provide direct or indirect support for the global 10 war on terrorism; 11 (3) if discharged from the armed forces, was discharged in honorable 12 status; and 13 (4) is in good standing for the repayment of the loan and in full 14 compliance with the terms and conditions of the loan.
01 (b) The portion of the loan that shall be repaid by the state under this section is 02 50 percent of the total unpaid balance of the loan, plus interest, not to exceed $20,000. 03 (c) Repayment of a portion of a loan under this section is subject to 04 appropriation and is not a financial obligation of the corporation. 05 (d) The commission may adopt regulations to implement this section. 06 (e) In this section, "armed forces" means the armed services or forces of the 07 United States, the United States Coast Guard, or the Alaska National Guard or Naval 08 Militia. 09 * Sec. 2. The uncodified law of the State of Alaska is amended by adding a new section to 10 read: 11 APPLICABILITY. The provisions of this Act apply to loans that have an outstanding 12 balance on the effective date of this Act and to loans made after the effective date of this Act.