The proposed bill establishes a student loan repayment pilot program administered by the Alaska Commission on Postsecondary Education. This program is designed to provide grants to individuals who are full-time certificated teachers in public schools or full-time state employees, who have completed a postsecondary degree or certificate program and have outstanding student loans. The commission will set an application process and evaluate the program's effectiveness in improving recruitment and retention rates for these positions. Grants can be awarded for up to three years, with varying amounts based on the total outstanding student loans, and a maximum of 125 grants may be awarded each fiscal year, capped at $1,000,000.

Additionally, the bill mandates that the commission submit reports on the program's impact on recruitment and retention by specified deadlines in 2026, 2027, and 2028, with a comprehensive analysis due by December 31, 2029. The program is set to be repealed on January 1, 2028, and the act will take effect immediately.