§ 25-30-206 — Arkansas Rehabilitation Services Forgiveness of Student Loan Program

Arkansas § 25-30-206

• Jurisdiction: Arkansas
• Title: 25

Text

(a) There is established the Arkansas Rehabilitation Services Forgiveness of Student Loan Program to assist eligible employees of Arkansas Rehabilitation Services with the repayment of student loans. (b) (1) The program shall be administered by Arkansas Rehabilitation Services. (2) Arkansas Rehabilitation Services shall promulgate rules regarding eligibility, payment, and program management consistent with this section. (c) An employee of Arkansas Rehabilitation Services is required to satisfy the following in order to be eligible for the program: (1) Completion of a six-month probationary period, beginning with the first day of employment with Arkansas Rehabilitation Services; (2) Provision of proof that the employee incurred student loan debt for purposes of obtaining a degree in the field of vocational rehabilitation, including without limitation the name and address of the student loan creditor; (3) Provision of proof that the student loan is unpaid at the time the employee applies for the program; and (4) Execution of a contract in which the employee agrees that Arkansas Rehabilitation Services is not obligated to issue further payments under the program if the employee resigns or is terminated for cause while participating in the program. (d) Payments under the program are made directly to the employee's student loan creditor and are subject to the following limitations: (1) A payment shall be issued in installments not to exceed two thousand dollars ($2,000); (2) An eligible employee is required to have been continually employed by Arkansas Rehabilitation Services for the two (2) years prior to issuance of an installment in order to receive the installment; and (3) An eligible employee may receive no more than ten thousand dollars ($10,000) or up to five (5) installments under the program. (e) The total payments to all employees under the program shall not exceed eighty thousand dollars ($80,000) per fiscal year.

Legislative History

Amended by Act 2021, No. 282,§ 1, eff. 7/28/2021. Amended by Act 2019, No. 910,§ 630, eff. 7/1/2019. Acts 2007, No. 1207, § 2.