As used in this act: 1. “Agency” means any executive branch entity of state government, including agencies that do not receive direct appropriations from the Oklahoma Legislature; 2. “Eligible employee” means a person who is a full-time employee of an agency and who incurred a debt pursuant to the obligations under a qualified education loan; 3. “Qualified education loan” means a debt owed by the employee to any private or public entity for which repayment is legally required over a period greater than one (1) year; the proceeds from which were used by the employee to make payment of tuition, fees, or other education expenses, such as books and materials, to an institution of higher learning, including any private college or university for course work to obtain an undergraduate or graduate degree; and 4. “Required payback period” means two thousand (2,000) hours of full-time employment with the payor agency for each Five Thousand Dollars ($5,000.00) of qualified education loan expense paid for by the agency.
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