Education Initiatives House Bill 1
2007 Second Extraordinary Session
Loan Forgiveness Program
Section 53, which starts on page 99:
• Establishes a student loan forgiveness program for individuals who receive a bachelor's degree or graduate degree from a Kentucky college or university after the effective date of this Act.
• The loan forgiveness applies to a graduate who is employed in an energy-related field as engineers, engineering technologists, chemists, geologists, or hydrologists in Kentucky.
• It is to be funded by general fund appropriations and administered by Kentucky Higher Education Student Loan Corporation (KHESLC).
Note: No money appropriated in this bill. May be addressed in the 2008-2010 budget.
• To extent funds are available, the KHESLC will provide forgiveness of 20% of the loan balance principal and accrued interest for each year of qualified employment in Kentucky
• Qualifying students must be Kentucky residents, citizen of US, employed full-time in an eligible occupation
• KHESLC is charged with promulgating the administrative regulations to implement the provisions, including determining the specific occupational titles eligible for loan forgiveness.
Energy Technology Career Track Program
Section 54, beginning on page 100
• Requires the Kentucky Department of Education to establish an energy technology career track program to provide grants to school districts.
• The purpose of grants is for selected school districts to develop and implement an energy technology engineering career track across middle and high schools within the district.
• The career track may include:
¢ career exploration and counseling,
¢ strategies to increase the rigor of instruction in pertinent core content areas,
¢ strategies to link core content to an energy technology focus,
¢ professional development for teachers, and
¢ cooperative learning opportunities with industry and postsecondary education institutions
• Requires the Kentucky Board of Education to promulgate an administrative regulation for the administration of the grant program and for the KDE to administer the program.
Section 59, beginning on page 104
• Appropriates $300,000 in fiscal year 2007-2008 from the General Fund to the Kentucky Department of Education to support the energy technology career track program.