(1) There is established the Teaching Fellows Program to attract qualified teachers by awarding forgivable loans to persons declaring an intention to serve in the teaching field who actually render service in the State of Mississippi while possessing an appropriate teaching license.

(2) Beginning with the 2015-2016 academic year, the Teaching Fellows Program shall be used to provide a four-year forgivable loan of Six Thousand Five Hundred Dollars ($6,500.00) per year to Mississippi high school seniors interested in preparing to teach in the public schools of the state. The awarding of forgivable loans under the Teaching Fellows Program shall be administered by the Postsecondary Education Financial Assistance Board. The Postsecondary Education Financial Assistance Board shall adopt stringent standards, including a minimum grade point average and scholastic aptitude test scores, for awarding these forgivable loans to ensure that only the highest aptitude high school seniors receive them.

(3) The State Board of Education shall administer the program in cooperation with the schools of education of the universities and colleges selected by the board. Teaching Fellows should be exposed to a range of extracurricular activities while in college. These activities should be geared to instilling a strong motivation not only to remain in teaching but to provide leadership for tomorrow’s schools.

(4) The State Board of Education shall form regional review committees to assist it in identifying the highest aptitude high school seniors for the program. The State Board of Education and the review committees shall make an effort to identify and encourage minority students and students who may not otherwise consider a career in teaching to enter the program.

(5) Repayment and conversion terms shall be the same as those outlined in Section 37-106-53 except that the Postsecondary Education Financial Assistance Board shall forgive the loan in the following circumstances:

(a) Within seven (7) years after graduation, the recipient teaches for four (4) years at a Mississippi public school or at a school operated by the United States government in Mississippi;

(b) Within seven (7) years after graduation, the recipient teaches for three (3) consecutive years, unless the recipient takes an approved leave of absence, at a Mississippi public school in a school district that at the time the recipient accepts reemployment with the district which is under conservatorship or is a low-performing school system identified in accordance with Section 37-17-6 or is on probation status as defined by the State Board of Education; or

(c) The board finds that it is impossible for the recipient to teach for four (4) years, within seven (7) years after graduation, at a Mississippi public school or at a school operated by the United States government in Mississippi, because of the death or permanent disability of the recipient.

(6) The State Board of Education and the Postsecondary Education Financial Assistance Board shall jointly promulgate rules and regulations for the proper administration of the Teaching Fellows Program established under this section. The State Board of Education shall be the administering agency of the program.