The bill, H.B. No. 3030, introduces a new subchapter to the Education Code that establishes a program for student loan repayment assistance specifically for certain state employees. This program is designed to provide financial support to eligible state employees who have been employed for at least five years and meet specific income criteria. The bill outlines the eligibility requirements, which include having an income at or below 80 percent of the statewide median family income and being currently employed as a state employee. The assistance can be provided for a maximum of five years and is applicable to various types of student loans, provided they are not in default at the time of application.

Additionally, the bill mandates that the Texas Higher Education Coordinating Board administer this program, with the stipulation that assistance is contingent upon legislative appropriations specifically allocated for this purpose. If such appropriations are not made, the board may still offer assistance using other available funds. The bill also allows the board to solicit and accept gifts and grants to support the program and sets a limit on administrative costs to ensure that the majority of funds are directed towards loan repayment assistance. The act is set to take effect on September 1, 2025.

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