Chapter 15C of the General Laws is hereby amended by adding the following section:-

Section 30. (a) There shall be within the authority a student debt relief grant program, to be known as the John F. Kennedy Service Scholarship, for Massachusetts residents who have completed a volunteer program with the Peace Corps, AmeriCorps, or Commonwealth Corps.

(b) To be eligible for a grant award under the program, an applicant shall: (i) be a resident of the commonwealth; (ii) have successfully completed at least 1 volunteer program approved by the authority with the Peace Corps, AmeriCorps, or Commonwealth Corps; (iii) be employed by the commonwealth, a municipal government within the commonwealth, an office of the federal government located in the commonwealth or a nonprofit organization located in the commonwealth; and (iv) have an annual income equal to or less than the commonwealth’s annual median income as determined by the authority.

(c) An applicant who meets the requirements set forth in subsection (b) shall be eligible for a grant award, subject to appropriation, equal to 100 per cent of their outstanding student debt up to the amount of  $5,000.

(d) The authority may promulgate rules and regulations necessary for the implementation of this section.