(1) There is created the Teacher Education Scholars Forgivable Loan Program to be administered by the board. The program shall provide an annual forgivable loan not to exceed Fifteen Thousand Dollars ($15,000.00) for each approved teacher education scholar who is enrolled in one of Mississippi’s public or private universities in the junior year and is admitted into a teacher education program. Additionally, the program shall provide an annual scholarship not to exceed Fifteen Thousand Dollars ($15,000.00) for each approved teacher education scholar who is enrolled in one (1) of Mississippi’s public or private universities in the freshman year and intends to enter into a teacher education program.

(2) Qualifying teacher education scholars must hold a minimum 28 ACT score and a 3.5 GPA.

(3) A student may receive a forgivable loan from the program for four (4) consecutive years if the student remains enrolled full time in the program and makes satisfactory progress toward a baccalaureate degree with a major in education.

(4)

(a) If a teacher education scholar graduates and is employed as a teacher by a Mississippi district school board, the scholar is not required to repay the forgivable loan amount so long as the scholar teaches in a Mississippi public school. The entire forgivable loan amount shall be forgiven if the scholar remains employed as a Mississippi public school teacher for five (5) years.

(b) Any teacher who enters the education scholar program and graduates, and is employed as a teacher by a Mississippi public school board, in a school rated as “D” or “F,” in addition to being exempt from the repayment of loan requirement while employed as a Mississippi public school teacher, such teacher education scholar shall also receive an annual salary supplement of Six Thousand Dollars ($6,000.00) for each year the scholar remains in the “D” or “F” school, up to a maximum of five (5) years. Each scholar employed in a Mississippi public school under the provisions of this paragraph shall endeavor, within the five-year period of initial employment, to fulfill the necessary requirements to acquire a Master Teacher certificate from the National Board of Professional Teaching Standards, at which time the scholar shall be eligible to receive an annual salary supplement for such National Board Certified teachers under the provisions of Section 37-19-7(2)(a)(i). However, if any teacher education scholar graduate receiving an annual salary supplement provided for in this paragraph (b) shall complete the certification requirements to become a National Board Certified teacher within the five-year period of eligibility for salary supplementation, that teacher shall be entitled to only the annual salary supplement provided for such National Board Certified teachers, such that the teacher receives only one (1) annual salary supplement of Six Thousand Dollars ($6,000.00).

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

(6) The board shall promulgate such rules as are necessary to administer the teacher education scholars program and establish necessary eligibility criteria not specifically set forth in this section.