CHAPTER 162-T REGENERATIVE MANUFACTURING WORKFORCE DEVELOPMENT PROGRAM
Section 162-T:2
162-T:2 Acquisition of Student Loans of Qualified New Hampshire Employees. –
I. The business finance authority, as established and authorized under RSA 162-A (hereinafter the "authority"), may expend or loan money upon such terms and conditions as prescribed by the authority to acquire loans or other evidences of education indebtedness incurred by persons for the purpose of financing postsecondary education and to provide for deferment or forgiveness of repayment of such education indebtedness pursuant to a program or programs established by the authority and approved by the governor and council pursuant to this chapter.
II. In granting deferment to any loan or other evidence of education indebtedness incurred by persons for the purpose of financing postsecondary education, the authority shall cause no interest to accrue to the principal of the loan during any period of deferment it offers.
III. Any student indebtedness that may be subject to a program or programs established by the authority under this chapter shall meet the following minimum requirements:
(a) The person shall have achieved academic requirements such as graduate degrees or other evidence of academic achievement as has been determined by the authority;
(b) The person shall be employed to perform primarily active regenerative manufacturing business activities as that term is defined in RSA 77-A:1, XXX and the principal office at which such person is employed is located within New Hampshire;
(c) No forgiveness of such student indebtedness shall be effected unless the person shall have been employed to perform primarily active regenerative manufacturing business activities at a location within New Hampshire for a minimum period of 5 years.
IV. Prior to the expenditure or loan of any money under this section, the authority shall enter into one or more agreements with any person obligated to make payments under education indebtedness to provide for the conditions on which the expenditures, deferments, or forgiveness will be made, the terms of repayment of such expenditure or loan, the time and manner of such repayment, the form and amount of security if any, to be pledged to the authority for such repayment, and such other provisions as the authority may determine are necessary or desirable.
V. The authority, to further its education indebtedness loan programs pursuant to this chapter, shall have the power to:
(a) Determine the nature of education indebtedness programs for eligible persons, including how such loans may be acquired and the mechanisms for deferral of payment or forgiveness with respect to such education indebtedness;
(b) Enter into contracts with employers of persons who are subject to the programs established under this chapter to assist in the administration of such programs;
(c) Enter into contracts for the administration or servicing of education indebtedness acquired pursuant to the programs established under this chapter;
(d) Receive and accept from any public agency or any other source loans, grants, guarantees, or insurance with respect to education indebtedness and the programs established under this chapter;
(e) Establish guidelines governing the actions of the authority with respect to the programs established under this chapter; and
(f) Exercise all powers incidental and necessary for the performance of the powers listed in this paragraph.