Establishing the teacher student loan repayment program and making appropriations

The bill provides that a selected teacher who meets all of the eligibility requirements shall be eligible for awards from the program for each year of full-time employment completed in this state as a teacher for a school district, accredited nonpublic school, or an area education agency. The bill restricts the amount of the awards to the lesser of $4,000 per year per recipient or the total remaining balance of the teacher’s eligible loans at the end of each annual full-time employment obligation. The bill provides that grants awarded under the program shall not exceed a total of $20,000 per recipient over a five-year period. The bill authorizes a teacher to continue to receive grants under the program if the teacher refinances an eligible loan by obtaining a private educational loan. The bill establishes a grant program fund in the state treasury. The bill requires the commission to administer the fund. The bill provides that moneys in the fund at the close of the fiscal year shall not revert but shall remain available for expenditure for the program. The bill also provides that interest or earnings on moneys in the fund shall be credited to the fund. The bill requires the commission to submit a report to the general assembly by January 1, annually, related to the program. The bill describes what the commission is required to include in the report. The bill requires the commission and the department of education to adopt rules to administer the program. The bill provides that the rules shall include a process to determine which teachers will receive a grant under the program. The bill requires that priority be given to the most recent graduates of eligible institutions. The bill appropriates $1 million to the commission in fiscal year 2022-2023 for purposes of the program. The bill defines “eligible institution”, “eligible loan”, and “teacher”.