Agency.
"Approved institution of higher learning." An institution of
the State System of Higher Education or a community college as
defined under section 1901-A.
"Eligible applicant." An individual who:
(1) Holds an undergraduate degree from an institution of
higher learning.
(2) Resides in this Commonwealth.
(3) Is employed in this Commonwealth.
(4) Has a family income less than $70,000 annually.
Section 2202-B. Loan forgiveness program.
(a) Establishment of program.--The agency shall administer a
loan forgiveness program for eligible applicants on a Statewide
basis. The agency may provide loan forgiveness as provided in
subsection (b) for recipients of loans who by contract with the
agency agree, after graduating from an institution of higher
education with an undergraduate degree and for a period of five
years from the date they commence employment in this
Commonwealth, to continuously reside and be employed in this
Commonwealth, provided that their family income does not exceed
$70,000 annually.
(b) Loan forgiveness.--Agency-administered, federally
insured student loans for higher education provided to an
eligible applicant may be forgiven by the agency as follows:
(1) The agency may forgive 100% of the loan, not to
exceed $15,000, if a loan recipient enters into a contract
with the agency that requires the recipient to continuously
reside and be employed in this Commonwealth for a period of
not less than five consecutive years, provided that the
recipient's family income does not exceed $70,000 annually.
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