Workforce Incentive Program

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Workforce Incentive Program


Law (RSA 188-D:18-f-i)
Administrative Rules (Pos 700 and Pos 900)
The Workforce Incentive Program links higher education with critical workforce needs. There are two components to this program: forgivable loans and education loan repayment.

The Workforce Shortage Areas for 2008/09 are:

Nursing - LPN through Graduate
Education (Teaching) Chemistry
General Science
Mathematics
Physical Science
Physics
Special Education
World Languages (Foreign Languages)
Forgivable Loan Component - for CURRENT STUDENTS

Purpose: Provide incentive for students to pursue careers in critical workforce shortage areas at eligible institutions whose main campus is in NH and to encourage students to then seek employment in NH after completion of their career program.

Eligibility Criteria: Be a NH resident; demonstrate financial need as determined by the institution; meet application deadline; be a part- or full-time student in an approved program.

Award: Determined by the institution

Contact: Financial aid office at your eligible NH institution

Loan Repayment Component - for CURRENT EMPLOYEES

Purpose: To assist NH employers in the recruitment and retention of employees by providing educational loan repayment for service in NH in workforce shortage areas.
Type of Assistance
Repayment of education loans. Rate and amount of repayment are:

15% of loan amount up to $1,500, for first and second years of repayment assistance;
20% of loan amount up to $2,000, for the third and fourth years of repayment assistance; and
30% of loan amount up to $3,000, for the fifth year of repayment assistance.
Eligibility Criteria:

Recipient must have completed at least one year of service for each year of repayment.
Recipients are eligible to receive a maximum of five awards.
Service must have been in a workforce shortage area as determined by the Postsecondary Education Commission.
Selection Criteria:
Recipients are selected in the following order:

Submission of an application does not guarantee approval of funds, as awards are limited by state appropriations.
Recipients are selected in the following order:
Applicant received an award in the prior year, from earliest application date received to latest date received;
Applicant's employer will match the award, from earliest application date received to latest date received; and
Applicant's employer will not match the award, from earliest application date received to latest date received.
Terms and Conditions

Each recipient shall provide the Postsecondary Education Commission with the name and address of the current servicer of each of the educational loans the student has received, and shall be responsible for notifying the Commission of any change in servicer information.
Recipients shall be responsible for notifying the Postsecondary Education Commission of any change in their address shown on the application.
Applicant must reapply each year, for up to five years.

Award: Maximum of $10,000 over five years (see above)

Contact: Cynthia Capodestria at (603) 271-2555, ext. 360

Frequently Asked Questions:

Q: Will ANY education loan be repaid even if the loan wasn't for education in my current career?
A: Yes, if you are currently employed in a workforce shortage area as determined by the Postsecondary Education Commission.
Q: Is the loan repayment for 5 consecutive years?
A: Not necessarily. You may apply for renewal up to 4 times, for a total of 5 awards.
Q: Will I automatically be considered for renewal or do I have to re-apply every year?
A: You will have to re-apply for renewal each year for a maximum of five years. This provides updated documentation/information for the Commission staff to base award determinations upon.
Q: Does financial need have to be established to be eligible for loan repayment?
A. No. The purpose of this program is to assist in the recruitment of qualified employees in critical workforce shortage areas. Income is not one of the criteria for eligibility.
Q: Can I use the loan repayment monies to help repay my children's education loans?
A: No. The loan repayment assistance is for student loans received by you for your own education.
Q: Will someone who has already worked in the state for a number of years in a designated critical shortage area be able to apply for loan repayment assistance?
A: Yes. As long as you have worked for at least one year in a workforce shortage area in NH, you may apply at any time in your career.
Q: Can consolidated loans be included?
A: Yes, as long as those consolidated loans were your own education loans. Consolidations of loans with another person, mortgages, car, business, or other personal loans will not be considered.
Q: Will I receive repayment assistance for my student forgivable loans?
A: No.
Q: Do I have to work full-time?
A: Yes.
Q: What happens to my loan repayment schedule if I leave my job and return to school?
A: As the awards do not have to be granted consecutively, you may re-apply for loan repayment assistance once you regain employment and have worked in NH in a critical workforce shortage area for at least one year.
Q: Do I have to be a resident of NH to receive loan repayment assistance?
A: No. However, you must be employed in NH in a critical workforce shortage area.
Q; Will I still receive loan repayment assistance if I change careers?
A: Only if you continue employment in a workforce shortage within the state of NH.
Q: Will I have to reimburse the Commission for the loan repayment assistance I received if I change careers and am no longer employed in a workforce shortage area?
A: No, you will not.
Q: If I have numerous student loans, can I choose which loan/s I'd like assistance with?
A: Yes, you may. However, if you do not designate which student loans you'd like funding for, the loans will be credited by descending interest rate.
Q: May I still apply for renewal if my career is no longer considered a workforce shortage area?
A: Yes, you will continue to be considered for eligibility for a maximum of five years if you continue to work, without interruption, in a designated workforce shortage area if that workforce area is not so designated in a subsequent year.
Q: Is an employer match required to be considered for loan repayment assistance?
A: No. However, those applicants with an employer match may receive priority consideration.