§ 10a-247e — Higher Priority Occupation Loan Subsidy Program. Eligibility criteria and administrative guidelines. Account and use of funds.

Connecticut § 10a-247e

• Jurisdiction: Connecticut
• Title 10a: State System of Higher Education
• Ch. 187b: Connecticut Higher Education Supplemental Loan Authority

Text

(a) As used in this section, “authority loan” and “eligible loan” have the same meanings as provided in section 10a-223. (b) The Connecticut Higher Education Supplemental Loan Authority shall, subject to available funding pursuant to subsection (d) of this section, establish a High Priority Occupation Loan Subsidy Program to subsidize interest rates on authority loans issued to refinance eligible loans to individuals who are employed in a high priority occupation and meet eligibility criteria established pursuant to subsection (c) of this section. (c) The authority shall consult with the Office of Workforce Strategy to: (1) Designate, as high priority occupations under the High Priority Occupation Loan Subsidy Program, occupations that (A) promote the health, welfare or education of residents of the state, (B) have a high demand for their services, as determined by the authority and the office, and (C) are experiencing or are projected to experience a workforce shortage that may affect the level of services provided; (2) establish administrative guidelines for the implementation and operation of the program; and (3) establish eligibility criteria for the program, which shall include, but need not be limited to, (A) applicant requirements, including employment requirements, (B) interest rate subsidies and principal limits on authority loans subject to the program, (C) the process for verifying the employment of applicants, and (D) the requirement that an interest rate subsidy through the program shall terminate for any subsidy recipient who ceases to meet the employment requirements of the program during the term of such recipient's authority loan. (d) The authority shall maintain a separate, nonlapsing account to hold funds for the High Priority Occupation Loan Subsidy Program. The account shall contain any moneys required by law to be deposited in the account, including, but not limited to, any state appropriation or the proceeds from the sale of bonds issued for the purpose of the program. Moneys in the account shall be used (1) for the purposes of the program and for reasonable and necessary expenses for the administration of such program, (2) for the issuance of authority loans to refinance one or more eligible loans, and (3) to maintain a reserve held by the authority to cover any losses incurred by the authority from the issuance of such authority loans.

Legislative History

(P.A. 24-52, S. 2.) History: P.A. 24-52 effective July 1, 2024.