SECTION 1 (TITLE):
This act shall be known as the Targeted Student Loan Forgiveness Act.

SECTION 2 (PURPOSE):
To alleviate the burden of student loan debt and attract qualified workers to parts of STATE experiencing population loss or a shortage of skilled workers

SECTION 3 (PROVISIONS):

(a) To be eligible for a loan forgiveness award under this section, an applicant shall:

(b) By January 1 each year, DEPARTMENT shall publish a list of counties and localities in STATE where residents shall be eligible for this program. The list shall include criteria designated by the legislature as a prerequisite for eligibility. The criteria used to determine eligibility may include:

(c) DEPARTMENT shall assist counties to publicize this program to potential applicants.

(d) An applicant whose annual income is less than fifty thousand dollars shall be eligible to receive an award equal to one hundred percent of his or her monthly federal income-driven repayment plan payments for [twenty-four months] of repayment under the federal program. Provided, however, that the awards granted under this section shall be deferred for a recipient who has been granted a deferment or forbearance under the federal income-driven repayment plan. Upon completion of such deferment or forbearance period, such recipient shall be eligible to receive an award for the remaining time period under this subdivision.

(e) DEPARTMENT is authorized to promulgate rules and regulations, and may promulgate emergency regulations necessary for the implementation of the provisions of this section.