CT HB05327

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 residing in the state for not less than five years.

Participating private employers must contribute one-third of each hired employee's outstanding student loan balance to a bank account bearing at least 1.5% interest.

A private bank will manage the account and reimburse participating employee student loan payments over five years, charging a fee for management services; the state shall contribute a percentage of participating employees' state income taxes to the account over the five-year period.

Employees who cease to reside in the state must repay a portion of the student loan reimbursements received; the commissioner shall submit findings and recommendations to the Commerce Committee no later than January 1, 2021.