AZ HB2654

Creates the state student loan and waivers in aid trust fund administered by the Arizona Board of Regents to provide financial assistance to undergraduate students at Arizona universities.

Allows qualifying students under age 30 pursuing a first or second bachelor's degree to borrow up to $30,000 at 2% interest (in-state tuition) or 4% interest (out-of-state tuition), with priority given to those demonstrating financial need or pursuing high-demand degrees.

Provides loan repayment waivers for borrowers who remain Arizona residents for four years after graduation, with waiver amounts ranging from 0% repayment for loans of $5,000 or less to 75% repayment for loans exceeding $25,000.

Requires the Board of Regents to adopt rules governing the fund, report to the legislature every three years on fund status and impact, and solicit gifts and grants to support the program.

Ensures fund monies supplement rather than supplant existing state or institutional financial aid and extends protections for beneficiary account balances to this new fund under state financial aid programs.