Amendment ID: S2564-43

GOV 43

Student Loan Repayment Lottery

Mr. O'Connor moves that the proposed new text be amended by inserting the following new item:-

“XXXX-XXXX For a reserve to support residents with student loan debt through a lottery program developed and administered by the office of the treasurer; provided that funds shall be expended in the form of grants and grant recipients shall be selected on a lottery basis; provided further that a person shall be eligible to enter the lottery if they possess a minimum of $10,000 in either private or federal loans accrued from attending a public or private university or college located in the Commonwealth; provided further that the program shall select five winners each fiscal year through the lottery who shall receive not receive less than 75 per cent of the total value of their net remaining loans or $200,000, whichever is the lesser amount; provided further that $100,000 shall be expended to the office of the treasurer for the statewide publication, advertisement, and promotion of the program to solicit entries into the lottery; and provided further that not less than 90 days prior to the publication of the program, the office of the treasurer shall submit a report to the executive office of administration and finance and the house and senate committees on ways and means on proposed operations of the program including, but not limited to, program criteria, regulations, guidelines, reimbursement plans, and advertisement.……… $1,100,000”