CA AB700

Establishes a California public service education loan forgiveness program providing up to $10,000 per applicant, intended as an alternative if the federal Public Service Loan Forgiveness Program is repealed or made obsolete

Requires applicants to be active full-time employees of a state agency, local government agency, or 501(c)(3) nonprofit organization with a minimum of 10 years of service and continuous loan payments

Creates the Public Service Education Loan Forgiveness Fund to accept donations, with program operation contingent upon appropriation in the Budget Act or other statute

Mandates the Student Aid Commission to monitor for fraud, with authority to deny fraudulent applications and pursue legal action to recover improperly awarded funds

Requires annual legislative reports by January 1 on number of awardees, fund balance, sustainability estimates, and program improvement recommendations, with administrative costs capped at 5% of appropriated funds