HB 1171 Summary

• Creates skilled workforce student loan repayment program fund with continuing appropriation to state board of higher education to repay eligible graduates' outstanding student loan principal balances through Bank of North Dakota or other participating lenders.

• Maximum annual repayment grant is $5,667 or one-third of outstanding loan balance (whichever is less), with lifetime cap of $17,000; applicants must complete qualifying educational programs in high-demand occupations and reside/work in North Dakota.

• Creates skilled workforce scholarship fund with continuing appropriation to provide grants to institutions of higher education for scholarships limited to tuition, fees, books, and supplies; scholarships capped at $17,000 total and require recipients to maintain 2.5 GPA and work in eligible occupations for minimum three years post-completion.

• Both programs require state board of higher education to provide one dollar of funding for each dollar raised from private sector; North Dakota Workforce Development Council and Job Service North Dakota must annually identify eligible high-demand occupations and qualifying educational programs.

• Bank of North Dakota transfers $3,000,000 each to student loan repayment program fund and scholarship fund from current earnings during period ending June 30, 2021; bill declared emergency measure.