HB 58 Summary

• Establishes the Alaska Qualified Employee Recruitment Loan Repayment Program to provide financial incentives for qualified employees in shortage occupations to work in Alaska.

• Creates a dedicated account funded by appropriations from the Alaska Student Loan Corporation's dividend to the state, interest earnings, and general fund allocations if needed.

• Eligible applicants must be hired by the state as full-time employees in shortage occupations (jointly designated by Commissioners of Administration and Labor) on or after July 1, 2009, and within four years of attaining a qualifying degree.

• Repays education loans directly to the corporation up to $50,000 with payments over 4-6 years, with faster repayment (25% annually) for rural employment versus non-rural employment (16.67% annually).

• Takes effect July 1, 2009; authorizes the Alaska Commission on Postsecondary Education to immediately begin adopting implementing regulations.