HI SB1137

Establishes a teacher loan program administered by the Department of Education in partnership with a Hawaii-based financial institution to provide loans to teachers in hard-to-fill positions or rural schools.

Eligible teachers must commit to five years of full-time teaching in special education, regular education shortage categories, Title 1 schools, or rural schools as determined by the superintendent.

Provides priority consideration to teachers who relocate to Hawaii or accept positions in different complex areas within Hawaii.

Loans of up to $5,000 per borrower are forgiven after five years of teaching; if a teacher leaves before five years, repayment terms (with interest not exceeding a specified rate) are determined by the board of education.

Appropriates funds for fiscal years 2023-2024 and 2024-2025 to establish a teacher loan program revolving fund, with up to five percent of outstanding loans available for administrative expenses.