(a) On or before January 1, 2025, the executive director of the Office of Higher Education shall establish, within available appropriations, a program to reimburse certain persons for student loan payments. The Office of Higher Education may approve the participation of any person in the student loan reimbursement program who (1) (A) attended a state college or university and graduated with a bachelor’s degree, (B) left such college or university in good academic standing before graduation, or (C) holds an occupational or professional license or certification issued pursuant to title 20; (2) is a resident of the state, as defined in section 12-701 and has been a resident of the state for not less than five years; (3) has (A) a Connecticut adjusted gross income of not more than one hundred twenty-five thousand dollars and files a return under the federal income tax as an unmarried individual or a married individual filing separately, or (B) a Connecticut adjusted gross income of not more than one hundred seventy-five thousand dollars and files a return under the federal income tax as a head of household, a married individual filing jointly or a surviving spouse, as defined in Section 2(a) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time; and (4) has a student loan. For the purposes of this section “state college or university” means any public or private college or university in the state.

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(b) Persons who qualify under subsection (a) of this section may apply to the Office of Higher Education to participate in the student loan reimbursement program at such time and in such manner as the executive director of said office prescribes.

(c) (1) The executive director of the Office of Higher Education shall award grants to persons approved to participate in the student loan reimbursement program on a first-come, first-served basis, provided such person meets the requirements of this subsection.

(2) Each participant in the program shall volunteer for a nonprofit organization in the state for not less than fifty unpaid hours for each year of participation in the student loan reimbursement program. For purposes of this section, “volunteer hours” shall include, but need not be limited to, service on the board of directors for a nonprofit organization and military service.

(3) Each participant in the program shall annually submit receipts of payment on student loans and evidence of having completed such volunteer hours to the Office of Higher Education in the manner prescribed by the executive director.

(4) The Office of Higher Education shall reimburse each program participant who meets the requirements of this section for student loan payments an amount of not more than five thousand dollars, annually, provided no person shall participate in the student loan reimbursement program for more than four years or receive more than twenty thousand dollars in aggregate reimbursement for student loan payments.

(d) The Office of Higher Education may use up to two and one-half per cent of the funds appropriated for purposes of this section, annually, for program administration, promotion and recruitment activities.

(e) Not later than July 1, 2026, and each January and July thereafter, the executive director of the Office of Higher Education shall report, in accordance with the provisions of section 11-4a, to the joint standing committees of the General Assembly having cognizance of matters relating to higher education and employment advancement and appropriations and the budgets of state agencies on the operation and effectiveness of the program and any recommendations to expand the program.