KRS 164A.250: Student loan forgiveness program for graduates in energy-related fields.

(1) It is the intent of the General Assembly to establish a student loan forgiveness

program for individuals who receive a bachelor's degree or graduate degree from a

Kentucky college or university after August 30, 2007, and who are employed in an

energy-related field as engineers, engineering technologists, chemists, geologists, or

hydrologists in Kentucky. The loan forgiveness program shall be funded by the

Commonwealth of Kentucky using state appropriations and shall be administered

by the Kentucky Highe r Education Student Loan Corporation. All costs associated

with the program shall be paid for by the Commonwealth of Kentucky, including

the reimbursement of any expenses incurred by the corporation in its administration

of the program.

(2) To the extent f unds are available, the corporation shall provide eligible individuals

forgiveness of loans within the Federal Family Education Loan Program held by the

corporation up to a maximum of:

(a) Twenty percent (20%) of the loan balance principal; and

(b) Accrued interest;

for each year of qualified employment in Kentucky after August 30, 2007, in an

eligible occupation as set forth in subsection (4) of this section.

(3) An individual shall be eligible for the loan forgiveness if he or she:

(a) Is a Kentucky resi dent, as determined by the corporation using the criteria

established by the Council on Postsecondary Education for the purposes of

postsecondary admission and tuition assessment;

(b) Is a citizen of the United States;

(c) Received a bachelor's degree or graduate degree after August 30, 2007, from a

postsecondary education institution in Kentucky that is accredited by a

regional or national accrediting association; and

(d) Is employed full -time in Kentucky in an eligible occupation as set forth in

subsection (4) of this section.

(4) Qualified employment in an eligible occupation shall be employment in an energy -

related field as an engineer, including environmental engineer; engineering

technologist, including environmental engineering technologist; chemist; geologist;

or hydrologist. The corporation shall establish the specific eligible occupational

titles within the eligible occupations set forth in this subsection through the

promulgation of administrative regulations using the Standard Occupational

Classification System of the Bureau of Labor Statistics within the U.S. Department

of Labor. The corporation shall consult with the Council on Postsecondary

Education in determining eligible occupational titles.

(5) The corporation shall promulgate administrative regulations in accordance with

KRS Chapter 13A as may be needed for the administration of the loan forgiveness

program.