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164A.250 Student loan forgiveness program for graduates in energy-related fields.

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Page 1 of 1 164A.250 Student loan forgiveness program for graduates in energy-related fields. (1) It is the intent of the General Assembly to establish a student loan forgiveness program for individuals who receive a bachelor's degree or graduate degree from a <br>Kentucky college or university after August 30, 2007, and who are employed in an <br>energy-related field as engineers, engineering technologists, chemists, geologists, or <br>hydrologists in Kentucky. The loan forgiveness program shall be funded by the <br>Commonwealth of Kentucky using state appropriations and shall be administered <br>by the Kentucky Higher Education Student Loan Corporation. All costs associated <br>with the program shall be paid for by the Commonwealth of Kentucky, including <br>the reimbursement of any expenses incurred by the corporation in its administration <br>of the program. (2) To the extent funds are available, the corporation shall provide eligible individuals forgiveness of loans within the Federal Family Education Loan Program held by the <br>corporation up to a maximum of: <br>(a) Twenty percent (20%) of the loan balance principal; and <br>(b) Accrued interest; for each year of qualified employment in Kentucky after August 30, 2007, in an <br>eligible occupation as set forth in subsection (4) of this section. (3) An individual shall be eligible for the loan forgiveness if he or she: (a) Is a Kentucky resident, as determined by the corporation using the criteria established by the Council on Postsecondary Education for the purposes of <br>postsecondary admission and tuition assessment; (b) Is a citizen of the United States; <br>(c) Received a bachelor's degree or graduate degree after August 30, 2007, from a postsecondary education institution in Kentucky that is accredited by a <br>regional or national accrediting association; and (d) Is employed full-time in Kentucky in an eligible occupation as set forth in subsection (4) of this section. (4) Qualified employment in an eligible occupation shall be employment in an energy-related field as an engineer, including environmental engineer; engineering <br>technologist, including environmental engineering technologist; chemist; geologist; <br>or hydrologist. The corporation shall establish the specific eligible occupational <br>titles within the eligible occupations set forth in this subsection through the <br>promulgation of administrative regulations using the Standard Occupational <br>Classification System of the Bureau of Labor Statistics within the U.S. Department <br>of Labor. The corporation shall consult with the Council on Postsecondary <br>Education in determining eligible occupational titles. (5) The corporation shall promulgate administrative regulations in accordance with KRS Chapter 13A as may be needed for the administration of the loan forgiveness <br>program. Effective: August 30, 2007 <br>History: Created 2007 (2d Extra. Sess.) Ky. Acts ch. 1, sec. 53, effective August 30, 2007.