S.B. 1137 - Teacher Loans Summary

• Establishes a teacher loan program administered by the Department of Education in partnership with a Hawaii-based financial institution to provide loans up to $5,000 to teachers in hard-to-fill positions.

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

• Prioritizes teachers who relocate to Hawaii or accept positions in different school complex areas within the state.

• Forgives the entire loan upon proof that the borrower completed five years of teaching; if the teacher leaves before five years, repayment terms cannot exceed a specified interest rate and repayment period to be determined by the board of education.

• Cancels loan liability upon the borrower's death or permanent total disability and establishes a revolving fund to administer the program with appropriations for fiscal years 2023-2024 and 2024-2025.