Educator Loan Forgiveness Program
Educator loan forgiveness program - appropriation. The act makes changes to the teacher loan forgiveness program, renaming it the educator loan forgiveness program (program) and revising the eligibility criteria for the program.
- Repays up to $5,000 of qualified educational loans for up to 5 years for teachers and other educators employed in qualified positions under the program; and
- Targets teachers and other educators employed in hard-to-fill positions due to geography or content area.
The department of education (department) is required to annually identify the content shortage areas that qualify for the program. Subject to available appropriations, the Colorado commission on higher education (commission) shall approve up to 100 new participants in the program each year, and the act specifies the criteria the commission shall use to prioritize applicants, if necessary.
The program includes the educator loan forgiveness fund, and the commission shall adopt policies that ensure that loan repayment is made only on qualified loans for educators in qualified positions. The commission shall prepare an annual report for the general assembly that includes information concerning the content shortage areas identified by the department and information concerning the program participants.
The act extends the repeal date of the program to 2033.
For the 2019-20 state fiscal year, the act appropriates $623,969 to the department of higher education for use by the Colorado commission on higher education. Of that amount, $123,969 is for administrative expenses, requiring 1.4 FTE, and $500,000 is for student loan repayments.
(Note: This summary applies to this bill as enacted.)