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H.657

Introduced by   Representatives Hunt of Essex, Audette of S. Burlington, Cross of Winooski, Potter of Clarendon, Sharpe of Bristol and Sweaney of Windsor

Referred to Committee on

Date:

Subject:  Education; education loans; forgiveness for teachers

Statement of purpose:  This bill proposes to forgive ten percent of an education loan from the Vermont Student Assistance Corporation for each year up to five years that a person teaches in a Vermont public school.

AN ACT RELATING TO LOAN FORGIVENESS FOR TEACHERS

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  16 V.S.A. § 2869 is amended to read
§ 2869.  LOAN CANCELLATION; TEACHERS

(a)  Loans obtained under this subchapter may be partially or completely cancelled and forgiven, for a borrower who is employed for a complete academic school year as a full-time licensed teacher:

(1)  in a Vermont public elementary or secondary school which is approved by the state board of education; and

(2)  in the subject area of mathematics, science, or computer science during a year when there is a critical shortage of licensed teachers in that area.

(b)  Annually the board shall determine, after consultation with the commissioner, whether a critical shortage of licensed teachers exists in each of the subject areas of mathematics, science and computer science.

(c)  The board shall determine the The amount of loan to be cancelled shall be 10 percent of the original principal plus any accrued interest for each complete academic year of teaching service up to five years.  The amount so cancelled for each year shall not exceed 25 percent of the original principal amount plus any accrued interest.

(d)  This section is subject to the availability of funds specifically appropriated for loan cancellations under this section.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us