(a) The department shall repay a portion of eligible student loans held by or made to an eligible tier I, tier II, or tier III health care professional.
(b) A student loan is eligible for repayment if the student loan
(1) was issued to an eligible individual under AS 18.29.130;
(2) is a student loan as described in 26 U.S.C. 108(f)(2); and
(3) was used by the individual for a program for which the individual received a certificate, license, or degree.
(c) A student loan repayment under this section may not exceed 33.3 percent of the unpaid student loan balance existing in the first year of program participation multiplied by the percentage of full-time equivalent employment for each year of qualified employment, not to exceed three years.
(d) A student loan or interest on a student loan is not eligible for repayment under this section if the student loan or interest is
(1) to be repaid by another source, including another loan repayment or forgiveness program or an employer-sponsored loan repayment program;
(2) consolidated with a loan that is not eligible for repayment; or
(3) refinanced as a loan that is not eligible for repayment.
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