AK HB28

Alaska Commission on Postsecondary Education will administer a student loan repayment pilot program for full-time certificated public school teachers and full-time state employees who have completed a postsecondary degree or certificate program

Participants with student loans of $24,000 or more receive escalating grants: $4,000 in year one, $8,000 in year two, and $12,000 in year three; those with smaller loan balances receive proportional fractions of their outstanding balance

Maximum of 125 grants may be awarded per fiscal year, with total annual funding capped at $1,000,000; if appropriations fall short, grant amounts will be reduced pro rata

Annual reports on program effects on teacher and state employee recruitment and retention are required by December 31 of 2026, 2027, and 2028, with a final effectiveness analysis due December 31, 2029

Program automatically repeals on January 1, 2028, and the act takes effect immediately upon passage