§ 6-50-208 - Repayment of loans -- Failure to repay. - Arkansas Statutes

6-50-208. Repayment of loans -- Failure to repay.

(a) (1) After graduation from the approved technical program, loan recipients who work for one (1) year on a full-time basis in Arkansas in the high-demand technical field for which the educational program prepared them shall upon annual certification by their employer be forgiven one (1) year of the eligible loan amount, or its equivalent for persons who enrolled in an educational program on a less than regular full-time basis.

(2) Each succeeding year of loan forgiveness is contingent upon one (1) additional year of certified full-time employment in Arkansas in the technical field.

(b) Loan recipients who do not graduate from the program or who do not work full time in the high-demand technical field in the State of Arkansas for which they received training shall repay the loan in accordance with the loan recipient's agreement with the lending authority.