1 Higher Education Commission. Amend RSA 21-N:8-a, II(e)(10) to read as follows:

(10) Administer all aspects of the John and Molly Stark student debt reduction program established in RSA 21-N:8-c.

(11) Assume other responsibilities as may be provided in state or federal law.

2 New Section; John and Molly Stark Student Debt Reduction Program. Amend RSA 21-N by inserting after section 8-b the following new section:

21-N:8-c John and Molly Stark Student Debt Reduction Program Established.

I. There is hereby established the John and Molly Stark student debt reduction program which shall be administered by the higher education commission. The purpose of this program is to provide public postsecondary education opportunities to every graduate of any public or private secondary school authorized to operate in New Hampshire, which shall include chartered public schools, home educated students, and students who have received a high school equivalency certificate, by providing a grant equivalent to 50 percent of the total of Perkins loans and direct subsidized and unsubsidized federal loans for which a student is eligible each year for a maximum of 4 years to any student who is a resident of this state, who is pursuing a degree at any institution in the university system of New Hampshire, and who agrees to reside and work in this state for a minimum of 4 years after graduation. A student who pursues studies in science, technology, engineering, or mathematics and who complies with the requirements of this section shall, in addition to the grant, receive $500 per year for a maximum of 4 years. All funds received pursuant to this section shall be nonlapsing and continually appropriated to the higher education commission for the purposes of this program.

II. A student who is interested in pursuing a degree at any institution in university system of New Hampshire shall be eligible to apply for the program. An eligible student shall submit an application and affidavit to the higher education commission, on a form developed by the commission.

III. Applicants who are selected to participate in this program shall maintain satisfactory academic progress as defined by the institution, and meet such other criteria as may be established by the commission. Applicants selected shall receive a grant equivalent to 50 percent of the total of Perkins loans and direct subsidized and unsubsidized federal loans for which a student is eligible each year for a maximum of 4 years. A student who pursues studies in science, technology, engineering, or mathematics and who complies with the requirements of this section shall, in addition to the grant, receive $500 per year for a maximum of 4 years. A scholarship applicant shall be required to submit an affidavit to the institution to which he or she is applying affirming that he or she agrees to reside and work in the state of New Hampshire for a minimum of 4 years after graduation.

IV. All funds in the John and Molly Stark student debt reduction fund established in this section shall be used annually to provide grants under this program.

V. There is hereby established in the office of the state treasurer a fund to be known as the John and Molly Stark student debt reduction fund. The fund shall include any sums appropriated for such purpose. In addition, the higher education commission may accept public sector and private sector grants, gifts, or donations of any kind for the purpose of funding the provisions of this section. The moneys in this fund shall be nonlapsing and shall be continually appropriated to the higher education commission. The fund shall be expended by the higher education commission to award grants to selected students in accordance with this section. The state treasurer may invest moneys in the fund as provided by law, with interest received on such investment credited to the fund.

VI. The higher education commission shall adopt rules, pursuant to RSA 541-A, relative to the following:

(a) Instituting a grant application process, including necessary forms and deadlines.

(b) Establishing academic and other standards by which grants shall be awarded.

(c) Establishing priorities in awarding grants where the funds available for grants are less than the amount needed for eligible applicants.

(d) Establishing procedures for awarding and disbursing grants.

3 New Subparagraph; Application of Receipts; John and Molly Stark Student Debt Reduction Fund. Amend RSA 6:12, I(b) by inserting after subparagraph (333) the following new subparagraph:

(334) Moneys deposited in the John and Molly Stark student debt reduction fund established in RSA 21-N:8-c.

4 Appropriation. The sum of $600,000 for the fiscal year ending June 30, 2018 and the sum of $600,000 for the fiscal year ending June 30, 2019 are hereby appropriated to the higher education commission for the purposes of the John and Molly Stark student debt reduction program established in RSA 21-N:8-c. The governor is authorized to draw a warrant for said sums out of any money in the treasury not otherwise appropriated.

5 Effective Date. This act shall take effect July 1, 2017.

1 Higher Education Commission. Amend RSA 21-N:8-a, II(e)(10) to read as follows:

(10) Administer all aspects of the John and Molly Stark student debt reduction program established in RSA 21-N:8-c.

(11) Assume other responsibilities as may be provided in state or federal law.

2 New Section; John and Molly Stark Student Debt Reduction Program. Amend RSA 21-N by inserting after section 8-b the following new section:

21-N:8-c John and Molly Stark Student Debt Reduction Program Established.

I. There is hereby established the John and Molly Stark student debt reduction program which shall be administered by the higher education commission. The purpose of this program is to provide public postsecondary education opportunities to every graduate of any public or private secondary school authorized to operate in New Hampshire, which shall include chartered public schools, home educated students, and students who have received a high school equivalency certificate, by providing a grant equivalent to 50 percent of the total of Perkins loans and direct subsidized and unsubsidized federal loans for which a student is eligible each year for a maximum of 4 years to any student who is a resident of this state, who is pursuing a degree at any institution in the university system of New Hampshire, and who agrees to reside and work in this state for a minimum of 4 years after graduation. A student who pursues studies in science, technology, engineering, or mathematics and who complies with the requirements of this section shall, in addition to the grant, receive $500 per year for a maximum of 4 years. All funds received pursuant to this section shall be nonlapsing and continually appropriated to the higher education commission for the purposes of this program.

II. A student who is interested in pursuing a degree at any institution in university system of New Hampshire shall be eligible to apply for the program. An eligible student shall submit an application and affidavit to the higher education commission, on a form developed by the commission.

III. Applicants who are selected to participate in this program shall maintain satisfactory academic progress as defined by the institution, and meet such other criteria as may be established by the commission. Applicants selected shall receive a grant equivalent to 50 percent of the total of Perkins loans and direct subsidized and unsubsidized federal loans for which a student is eligible each year for a maximum of 4 years. A student who pursues studies in science, technology, engineering, or mathematics and who complies with the requirements of this section shall, in addition to the grant, receive $500 per year for a maximum of 4 years. A scholarship applicant shall be required to submit an affidavit to the institution to which he or she is applying affirming that he or she agrees to reside and work in the state of New Hampshire for a minimum of 4 years after graduation.

IV. All funds in the John and Molly Stark student debt reduction fund established in this section shall be used annually to provide grants under this program.

V. There is hereby established in the office of the state treasurer a fund to be known as the John and Molly Stark student debt reduction fund. The fund shall include any sums appropriated for such purpose. In addition, the higher education commission may accept public sector and private sector grants, gifts, or donations of any kind for the purpose of funding the provisions of this section. The moneys in this fund shall be nonlapsing and shall be continually appropriated to the higher education commission. The fund shall be expended by the higher education commission to award grants to selected students in accordance with this section. The state treasurer may invest moneys in the fund as provided by law, with interest received on such investment credited to the fund.

VI. The higher education commission shall adopt rules, pursuant to RSA 541-A, relative to the following:

(a) Instituting a grant application process, including necessary forms and deadlines.

(b) Establishing academic and other standards by which grants shall be awarded.

(c) Establishing priorities in awarding grants where the funds available for grants are less than the amount needed for eligible applicants.

(d) Establishing procedures for awarding and disbursing grants.

3 New Subparagraph; Application of Receipts; John and Molly Stark Student Debt Reduction Fund. Amend RSA 6:12, I(b) by inserting after subparagraph (333) the following new subparagraph:

(334) Moneys deposited in the John and Molly Stark student debt reduction fund established in RSA 21-N:8-c.

4 Appropriation. The sum of $600,000 for the fiscal year ending June 30, 2018 and the sum of $600,000 for the fiscal year ending June 30, 2019 are hereby appropriated to the higher education commission for the purposes of the John and Molly Stark student debt reduction program established in RSA 21-N:8-c. The governor is authorized to draw a warrant for said sums out of any money in the treasury not otherwise appropriated.

5 Effective Date. This act shall take effect July 1, 2017.