Senate Bill 2573

AN ACT TO CREATE NEW SECTION 37-106-74, MISSISSIPPI CODE OF 1972, TO CREATE THE ECONOMIC AND ACADEMIC NEED FORGIVABLE LOAN PROGRAM; TO PROVIDE THAT PERSONS WHO DECLARE AN INTENT TO WORK IN A PUBLIC SCHOOL LOCATED IN AN ECONOMICALLY DEPRESSED GEOGRAPHIC AREA OR A D-RATED PUBLIC SCHOOL OR A F-RATED PUBLIC SCHOOL LOCATED IN THE STATE OF MISSISSIPPI FOR 5 CONSECUTIVE YEARS SHALL BE ELIGIBLE FOR A LOAN; TO PROVIDE THAT THE BOARD OF EDUCATION SHALL ENTER INTO CONTRACTS WITH APPLICANTS, PROVIDING THAT THE LOAN SHALL BE DISCHARGED AFTER THE PERSON TEACHES, AS A LICENSED TEACHER, FOR 5 YEARS IN SUCH A PUBLIC SCHOOL; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. The following shall be codified as Section 37-106-74, Mississippi Code of 1972:

37-106-74. (1) There is established an Economic and Academic Need Forgivable Loan Program.

(2) It is the intent of the Legislature that persons declaring an intention to work in a public school located in an economically depressed geographic area or a D-rated public school or a F-rated public school located in the State of Mississippi for five (5) consecutive years shall be eligible for a loan for the purpose of acquiring a bachelor's level education and a teacher's license. The board shall enter into contracts with applicants, providing that the loan shall be discharged after the person teaches, as a licensed teacher, for five (5) years in a public school located in an economically depressed geographic area or a D-rated public school or a F-rated public school located in Mississippi.

(4) Repayment and conversion terms shall be the same as those outlined in Section 37-106-53.

(5) The board shall establish rules and regulations as it deems necessary and proper to carry out the purposes and intent of this section.

(6) The provisions of this section shall be subject to specific appropriation therefor by the Legislature.

SECTION 2. This act shall take effect and be in force from and after July 1, 2020.