CT HB05007

Commissioner of Economic and Community Development shall study the feasibility of establishing a student loan reimbursement program administered through public-private partnerships for private sector employees in high-demand fields including civil engineering, mechanical engineering, plastics engineering, nursing, dermatology, construction management, and actuarial science.

Eligible employees must commit to maintaining employment in a high-demand field and residence in Connecticut for not less than five years to participate in the program.

Private employers participating in the program shall contribute a percentage of eligible employees' outstanding student loan balances to a bank account bearing not less than 1.5% interest, with a private bank managing the account and reimbursing loan payments over five years.

The state shall contribute a percentage of participating employees' state income taxes to the bank account over the five-year period, and participating employees who cease to reside in the state must repay a portion of reimbursements received.

Commissioner shall submit a report on findings and recommendations to the joint standing committee on commerce no later than February 1, 2020.