AK HB374

Establishes a student loan repayment pilot program administered by the Alaska Commission on Postsecondary Education for full-time certificated public school teachers and full-time state employees who earned degrees or certificates outside Alaska.

Eligible applicants must have been Alaska residents for at least 12 months before attending an out-of-state institution and have outstanding student loans of at least $1 under federal law 26 U.S.C. 108(f)(2).

Grants of up to $8,000 annually are available for loans totaling $24,000 or more, or one-third of loan balance for loans under $24,000, with a maximum of 3 years of participation per person.

Program is limited to 125 grants per fiscal year with a maximum total of $1,000,000 annually, and grants are paid upon completion of teacher contract terms or state employee merit anniversary dates.

Requires annual reports to the legislature by December 31, 2024, 2025, and 2026 on program effects on recruitment and retention, with the program automatically repealing January 1, 2027.