HI HB1223

Establishes a Department of Education teacher loan program to provide loans up to $5,000 to teachers who commit to teaching full-time for five years in hard-to-fill positions (special education, shortage categories, Title 1 schools) or rural schools.

Provides loan forgiveness after five years of meeting program requirements; if teacher fails to complete five years, loan must be repaid with interest rate and repayment terms to be determined by the department.

Cancels loan liability upon borrower's death or permanent total disability.

Establishes a similar public charter school teacher loan program administered by the State Public Charter School Commission with identical terms and conditions.

Creates revolving funds for both programs to be funded by legislative appropriations, private contributions, and loan repayments, with up to 5% of outstanding loans available for administrative expenses.