Sponsor Statement for HB 121

House Bill 121 was introduced to attract more Alaskan students to a career in the Alaska seafood industry.

As we all know our seafood industry is facing many challenges and will face many more challenges in the future. To ensure that Alaska will be able to overcome these challenges we need highly trained fisheries experts. The A.W. (Winn) Brindle memorial scholarship program offers financial aid to students who are pursuing higher education in fisheries related programs.

Currently, the Winn Brindle memorial scholarship program has over one and a half million dollars ($1,500,000) available for loans. At latest count approximately three hundred sixteen thousand dollars is being utilized by students. Eighty-one percent (81%) of these loans are to students enrolled in colleges located within the state.

The loan program offers forgiveness of loan payments to those students who return to Alaska and put their degrees to work. Today, Winn Brindle loan recipients receive forgiveness of 10% of the loan principal for each one-year period during the first five years following graduation (50% maximum). The recipient must be employed full time in Alaska in a fisheries related field (as defined in AS 14.43.300 (b)(5)) to receive forgiveness.

Under House Bill 121 a recipient would receive forgiveness of one-fifth of the loan principal for each one-year period during the first five years following graduation (maximum 100%). The scholarship recipient must still be employed full time in Alaska in a fisheries related field (as defined in AS 14.43.300 (b)(5)). This legislation would conform the Winn Brindle memorial scholarship with the five other memorial scholarship funds the state has established. Each of the five other memorial scholarship funds have the one-fifth per year forgiveness clause.

It is my belief that by easing the payback provisions of the program we can attract more students to study fisheries related programs. This in turn will give the state a valuable resource of trained professionals to address the future challenges the fishing industry will undoubtedly face.