(a) There is established the Arkansas Rehabilitation Services Forgiveness of Student Loan Program to assist counselors employed by the Arkansas Rehabilitation Services with the repayment of student loans.
(b)
(1) The program shall be administered by the Arkansas Rehabilitation Services of the Department of Career Education.
(2) The Arkansas Rehabilitation Services shall promulgate rules for determining: a counselor's eligibility for a loan under the program that shall include the following requirements:
(A) Satisfactory completion of any probationary employment period;
(B) Proof of a student loan that remains unpaid, including the name and address of the creditor; and
(C) An executed employment contract in which the counselor agrees to:
(i) Work for the Arkansas Rehabilitation Services for a term that equals two (2) years for each year that the program makes a payment on the counselor's student loan; and
(ii) Reimburse the program the full amount of any loan payments made under the program if the counselor resigns or is terminated for cause before the term of the contract terminates.
(3) The amount of the payment to be made directly to the counselor's student loan creditor may not exceed:
(A) Two thousand dollars ($2,000) per year; or
(B) Ten thousand dollars ($10,000) per employee.
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