Connecticut 2021 Regular Session

Connecticut Senate Bill SB00953 Compare Versions

Version 1 (Old)

Version 2 (New)

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7	6		General Assembly Raised Bill No. 953
8	7		January Session, 2021
9	8		LCO No. 3910
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12	11		Referred to Committee on HIGHER EDUCATION AND
13	12		EMPLOYMENT ADVANCEMENT
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15	14
16	15		Introduced by:
17	16		(HED)
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21	21		AN ACT ESTABLISHING THE LEARN, WORK, PAY PROGRAM.
22	22		Be it enacted by the Senate and House of Representatives in General
23	23		Assembly convened:
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25	25		Section 1. (NEW) (Effective July 1, 2021) (a) As used in this section: 1
26	26		(1) "Eligible graduate" means a person who (A) graduates on or after 2
27	27		January 1, 2022, with a bachelor's degree from a public institution of 3
28	28		higher education in the state, (B) is a resident of the state, (C) is 4
29	29		employed by any corporation or organization licensed to operate a 5
30	30		business in the state, and (D) has a student loan on which such person 6
31	31		has paid or will pay not less than the first twelve monthly payments; 7
32	32		(2) "Student loan" means any loan in repayment status that was 8
33	33		issued by a private or governmental lender to finance attendance at a 9
34	34		public institution of higher education in the state; and 10
35	35		(3) "Participation year" means a twelve-month period commencing 11
36	36		from the thirteenth month in which a student loan payment is due or 12
37		-	the first full calendar month after an application to participate in the 13 Raised Bill No. 953
	37	+	the first full calendar month after an application to participate in the 13
	38	+	Learn, Work, Pay Program is approved, whichever is later, and each 14 Raised Bill No. 953
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44		-	Learn, Work, Pay Program is approved, whichever is later, and each 14
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45	44		succeeding twelve-month period thereafter, for ten years or until 15
46	45		withdrawal from the program. 16
47	46		(b) Not later than January 1, 2022, the Comptroller shall establish a 17
48	47		Learn, Work, Pay Program for the purpose of providing student loan 18
49	48		reimbursements to eligible graduates. The Comptroller may (1) adopt 19
50	49		rules, procedures and forms necessary to implement such program, or 20
51	50		(2) enter into a contract with a third-party administrator to provide 21
52	51		administrative services for the program. Any such third-party 22
53	52		administrator shall be required under such contract to charge such 23
54	53		third-party administrator's lowest available rate for such services. 24
55	54		(c) On or after January 1, 2022, an eligible graduate may apply, in the 25
56	55		form and manner prescribed by the Comptroller, to participate in the 26
57	56		Learn, Work, Pay Program. An eligible graduate shall submit, with an 27
58	57		initial application, proof of (1) graduation with a bachelor's degree from 28
59	58		a public institution of higher education in the state, (2) residency and 29
60	59		employment in the state, and (3) the repayment status of a student loan. 30
61	60		For each participation year, an eligible graduate shall (A) submit 31
62	61		documentation of the amount paid and the amount due on a student 32
63	62		loan during the preceding twelve-month period, (B) submit proof of 33
64	63		continued eligibility under the program, and (C) receive a student loan 34
65	64		reimbursement from the Comptroller in accordance with the payment 35
66	65		schedule provided in subsection (d) of this section, provided such 36
67	66		eligible graduate continues to meet the eligibility requirements of this 37
68	67		section. 38
69	68		(d) An eligible graduate who participates in the Learn, Work, Pay 39
70	69		Program shall receive annual student loan reimbursements in an 40
71	70		amount not to exceed ten per cent of the amount paid on a student loan 41
72	71		during the preceding twelve-month period for the first participation 42
73	72		year, twenty per cent of such amount for the second participation year, 43
74	73		thirty per cent of such amount for the third participation year, forty per 44
75	74		cent of such amount for the fourth participation year, fifty per cent of 45
76		-	such amount for the fifth participation year, sixty per cent of such 46 Raised Bill No. 953
	75	+	such amount for the fifth participation year, sixty per cent of such 46
	76	+	amount for the sixth participation year, seventy per cent of such amount 47 Raised Bill No. 953
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83		-	amount for the sixth participation year, seventy per cent of such amount 47
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84	82		for the seventh participation year, eighty per cent of such amount for 48
85	83		the eighth participation year, ninety per cent of such amount for the 49
86	84		ninth participation year and one hundred per cent of such amount for 50
87	85		the tenth participation year. For any participation year in which a 51
88	86		program participant ceases to reside or work in the state or no longer 52
89	87		owes student loan payments, such participant shall be deemed to have 53
90	88		withdrawn from the program and be ineligible to receive any 54
91	89		subsequent student loan reimbursements. 55
92	90		(e) There is established an account to be known as the "Learn, Work, 56
93	91		Pay account" which shall be a separate, nonlapsing account within the 57
94	92		General Fund. The account shall contain any moneys required by law to 58
95	93		be deposited in the account. Moneys in the account shall be expended 59
96	94		by the Comptroller for the purposes of the Learn, Work, Pay Program. 60
	95	+	Sec. 2. Section 12-217qq of the general statutes is repealed. (Effective 61
	96	+	July 1, 2021) 62
97	97		This act shall take effect as follows and shall amend the following
98	98		sections:
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100	100		Section 1 July 1, 2021 New section
	101	+	Sec. 2 July 1, 2021 Repealer section
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102		-	HED Joint Favorable C/R APP
	103	+	Statement of Purpose:
	104	+	To establish a Learn, Work, Pay Program to provide loan
	105	+	reimbursement payments to graduates of public institutions of higher
	106	+	education who reside and work in the state and to repeal a tax credit for
	107	+	certain employers who make student loan payments on behalf of
	108	+	employees.
	109	+	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
	110	+	that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
	111	+	underlined.]
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