CT HB06689

Connecticut Higher Education Supplemental Loan Authority shall establish a Nursing and Mental Health Care Professionals Loan Subsidy Program effective July 1, 2023, to subsidize interest rates on refinance loans for eligible health care professionals.

Eligible professionals must be actively employed in a clinical setting and licensed under Connecticut statutes chapters 378, 378a, 383, 383a, 383b, or 383c.

Authority shall enter a memorandum of agreement with the Commissioner of Education to establish eligibility criteria, interest rate subsidies, principal limits, employment verification processes, and subsidy termination requirements if recipients fail to meet program requirements.

Authority shall establish and maintain a separate, nonlapsing account funded by state appropriations and bond proceeds to support program operations, issue refinance loans, and maintain a reserve for potential losses.

Account funds may be expended for program administration, issuing authority loans to refinance eligible loans, and maintaining a loss reserve held by the authority.