HB 396 Summary

• Establishes the STEM Degree Loan Repayment Program administered by the Chancellor of Higher Education, effective July 1, 2018, to repay student loans for graduates with STEM degrees employed in STEM fields in Ohio.

• Eligible participants must hold an associate, bachelor's, master's, or doctorate degree in a STEM-related field awarded on or after July 1, 2017, from an Ohio public or private institution, have outstanding student loans, and be employed in a STEM-related field in the state.

• Annual awards are $2,000 for associate degrees, $4,000 for bachelor's degrees, and $8,000 for graduate degrees, reduced by any employer-provided loan repayment benefits, with payments capped at five years total per participant or until loans are fully paid.

• Requires two annual application periods (June 30 and December 31 deadlines), with payments disbursed semiannually on April 30 and October 31; participants must sign a promissory note requiring repayment if they fail to maintain STEM employment.

• Appropriates $15,000,000 from the General Revenue Fund to the new STEM Degree Loan Repayment Program Fund for fiscal year 2019, and requires annual reporting to the General Assembly on program participation, demographics, and retention effects.