H.B. 2200 Summary

• Establishes an elder student loan forgiveness program administered by the University of Hawaii for applicants age 65 and older who are Hawaii residents.

• Requires applicants to have obtained a degree from a U.S. institution of higher education, completed at least 10 years of full-time public employment with Hawaii state, county, or federal government, and have outstanding student loans not in default and ineligible for federal forgiveness programs.

• Limits eligibility to applicants with federal adjusted gross income below specified thresholds for the three most recent taxable years (amounts not specified in bill).

• Caps total loan forgiveness per individual at a specified amount or the actual outstanding loan balance, whichever is less (amount not specified in bill).

• Appropriates funds from the general revenue for fiscal year 2024-2025 to implement the program and authorizes exceeding the state general fund expenditure ceiling (amount not specified in bill); takes effect July 1, 2024.