AR SB554

Creates the Behavioral Health Loan Forgiveness Program administered by the Department of Human Services to provide student loan repayment for mental health professionals and licensed alcoholism/substance abuse counselors who serve in behaviorally underserved communities in Arkansas

Requires participants to sign a contract committing to a minimum 3-year full-time service obligation in behaviorally underserved communities to qualify for loan repayment benefits

Annual disbursements equal 15% of average educational debt for the participant's profession, paid directly to participants for up to 3 years upon completing each year of service

Participants who fail to fulfill their service contract must repay the total amount received plus 5% annual interest, though waivers may be granted for exigent circumstances

Establishes the Arkansas Behavioral Health Professional Student Loan Repayment Fund, funded through grants, gifts, donations, and other appropriations, with unused funds carrying forward each fiscal year