Hawaii House Bill HB2200

Hawaii 2024 Regular Session

• Introduced: 1/24/24
• Refer: 1/26/24

Caption

Relating To Student Loan Forgiveness For The Elderly.

Impact

The enactment of HB 2200 will amend existing laws to allow for the creation of this program within the framework of the Hawaii Revised Statutes. This policy shift not only aids the elderly population but also recognizes their contributions to public service. The provisions ensure that the loan forgiveness applies to those with outstanding student loans that are not federally forgiven, targeting specific financial needs within this demographic. Furthermore, the bill includes budget considerations indicating that the initiative will exceed the general fund expenditure ceiling for fiscal year 2024-2025, necessitating an appropriation from the state's revenues.

Summary

House Bill 2200 establishes an elder student loan forgiveness program in Hawaii specifically targeted at individuals aged sixty-five and older who have obtained degrees from U.S. institutions of higher education. The bill is designed to alleviate the burden of student loans for seniors who have dedicated a significant portion of their lives to public service, requiring them to have completed at least ten years of full-time employment in various public sectors, including state, county, or federal positions within Hawaii. This initiative is administered by the University of Hawaii and aims to provide financial relief through loan forgiveness to eligible applicants.

Contention

Notable points of contention surrounding HB 2200 may arise from discussions about the funding and sustainability of the program. Critics might express concerns about the impact on the state budget and the prioritization of financial resources. Additionally, there may be debates regarding eligibility criteria and the overall efficacy of such programs in addressing the financial challenges faced by the elderly populace compared to other demographic groups in similar situations. As such, while the bill seeks to provide important support for a vulnerable segment of the population, it may also prompt discourse on the fairness and practicality of funding student loan forgiveness initiatives.