MI HB6435

Creates the Targeted Student Loan Forgiveness Program in the Department of Labor and Economic Opportunity to provide monthly loan repayment assistance to qualified graduates working in high-need fields.

Establishes eligibility requirements including: graduated with undergraduate degree within 5 years of application, enrolled in federal income-driven repayment plan, reside in Michigan, work in qualified high-need field, annual household income under $50,000, and not in default on any student loans.

Defines qualified high-need fields as K-12 teaching, dentistry, nursing, primary medical care, or other essential services experiencing workforce shortages as determined by the department through administrative rules.

Awards eligible participants monthly payments equal to 100% of their federal income-driven repayment plan payment for up to 24 months, with awards deferred during any deferment or forbearance periods.

Creates the Targeted Student Loan Forgiveness Fund in the state treasury to receive program refunds and other funding sources, with monies appropriated only for paying awards to program participants.