AB 700: Student loans: public service educational loan forgiveness program.

The proposed law creates a public service educational loan forgiveness program. To be eligible, applicants must have made continuous payments on their debt, be active employees of a state agency, local government agency, or nonprofit organization, and have served for a minimum of 10 years. Applicants must provide proof of full-time employment and have their supervisor, manager, or nonprofit organization board member attest to their good standing. The program would provide up to $10,000 in loan forgiveness. The state would create a fund to accept donations for the program and monitor it for fraud. The program's operation would be contingent upon an annual appropriation.