OH HB549

Creates a STEM Degree Loan Repayment Program administered by the Chancellor of Higher Education, effective July 1, 2017, to repay student loans for eligible participants with STEM degrees from Ohio institutions.

Eligible participants must hold an associate, bachelor's, master's, or doctorate degree in a STEM-related field awarded on or after July 1, 2016, have outstanding student loans, be employed in a STEM-related field in Ohio, and receive program approval.

Annual loan repayment awards are $2,000 for associate degrees, $4,000 for bachelor's degrees, and $8,000 for graduate degrees, disbursed semiannually on April 30 and October 31.

Participants must apply through two annual application periods (June 30 and December 31 deadlines), provide proof of STEM employment, notify the chancellor of job changes, and sign a promissory note requiring repayment of benefits if employment requirements are not satisfied.

Appropriates $0 for fiscal year 2017 and $2,000,000 for fiscal year 2018 from the General Revenue Fund to the STEM Degree Loan Repayment Program Fund.