KY HB924

Establishes the Kentucky Public Service Student Loan Forgiveness Program to help repay federal student loans for full-time public service employees, including state and local government workers, public school and university employees, and 501(c)(3) nonprofit staff providing direct public services

Requires participants to be Kentucky residents, maintain full-time public service employment for a minimum 2-year commitment, not be in default on federal education loans, and submit annual verification applications

Provides annual loan repayment benefits of $5,000-$7,500 per year for up to 5 consecutive years, with a lifetime cap of $40,000 or the outstanding loan balance, whichever is less

Authorizes enhanced awards up to $10,000 annually for critical shortage occupations, rural areas, distressed counties, health professional shortage areas, and high-need school districts

Appropriates $30 million from the budget reserve trust fund for fiscal year 2026-2027 and $30 million in general funds for fiscal year 2027-2028, with an effective date of July 1, 2026