H.B. 664 Summary

• Establishes the Workforce Grant Program under which the Ohio Board of Regents chancellor awards grants to eligible students pursuing degrees or certifications for jobs determined most in demand by the Department of Job and Family Services.

• Sets maximum annual grant amount at $5,000 per eligible student, with one-third distributed at the beginning of the academic year and remainder distributed upon completion of specified milestones including 30-90 days workplace experience or internship participation.

• Authorizes a refundable income tax credit equal to 25% of principal and interest payments made on eligible student loans by grant recipients who are employed in in-demand jobs.

• Appropriates $100,000,000 in fiscal year 2015 to the Board of Regents for workforce grants, with up to $500,000 available for statewide program coordination.

• Requires grant recipients to complete employer-required skills curriculum and student loan management counseling as conditions for receiving full grant amounts.