CSSB 174(EDC): "An Act relating to professional student exchange program availability and conditions for loan forgiveness."
00 CS FOR SENATE BILL NO. 174(EDC) 01 "An Act relating to professional student exchange program availability and conditions 02 for loan forgiveness." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 14.44.025 is amended by adding a new subsection to read: 05 (b) Notwithstanding the funding priorities established under (a) of this section, 06 the Alaska Commission on Postsecondary Education shall provide adequate funding 07 for not fewer than five students to attend four-year programs in each of the following 08 fields: 09 (1) dentistry; 10 (2) optometry; and 11 (3) pharmacy. 12 * Sec. 2. AS 14.44.040(a) is amended to read: 13 (a) As a condition of eligibility for receiving financial support from the state 14 under the Professional Student Exchange Program of the Western Interstate
01 Commission on Higher Education, a program participant shall agree to repay to the 02 state the support provided by the state on behalf of that person. In addition to the 03 principal owed, a participant shall pay interest at an annual rate of five percent 04 on the outstanding principal of the loan. Interest may not accrue on a loan until 05 the participant completes the degree program according to the terms and 06 conditions under which the loan was made or discontinues participation in the 07 program [, PLUS INTEREST]. 08 * Sec. 3. AS 14.44 is amended by adding new sections to article 1 to read: 09 Sec. 14.44.041. Residency loan forgiveness for program participants. The 10 Alaska Commission on Postsecondary Education shall annually, for not more than five 11 years, forgive five percent of the outstanding principal on a loan made under the 12 Professional Student Exchange Program of the Western Interstate Commission on 13 Higher Education if the participant 14 (1) is a resident of the state; 15 (2) practices in the state in a field of study listed in AS 14.44.025(b) 16 for not less than 750 hours during the year; and 17 (3) maintains the participant's license in good standing in the state. 18 Sec. 14.44.042. Underserved care loan forgiveness for program 19 participants. The Alaska Commission on Postsecondary Education shall annually, for 20 not more than five years, forgive five percent of the outstanding principal on a loan 21 made under the Professional Student Exchange Program of the Western Interstate 22 Commission on Higher Education if the participant 23 (1) is a resident of the state; 24 (2) is in a practice that serves an underserved population 25 (A) in a geographical area the commissioner of health and 26 social services has designated as underserved; or 27 (B) by serving patients who are covered under the medical 28 assistance program in the state, if billings for services provided to those 29 patients are not less than five percent of the participant's average gross billings 30 for the year; and 31 (3) maintains the participant's professional license in good standing in
01 the state.