CT SB00953

Establishes the Learn, Work, Pay Program effective July 1, 2021, administered by the Comptroller to provide annual student loan reimbursements to eligible graduates.

Eligible graduates must graduate on or after January 1, 2022, with a bachelor's degree from a Connecticut public institution, be state residents and employed in the state, and have made at least 12 monthly student loan payments.

Reimbursement rates increase annually from 10% in year one to 100% in year ten of loan payments made during the preceding 12-month period.

Participants can remain in the program for up to 10 years or until withdrawal, but are automatically withdrawn if they cease to reside or work in the state or no longer owe student loan payments.

Creates a separate, nonlapsing "Learn, Work, Pay account" within the General Fund to hold and disburse moneys for the program, with the Comptroller authorized to adopt rules or contract with a third-party administrator to manage operations.