HI SB388

Establishes a teacher loan program administered by the Department of Education in partnership with a Hawaii-based financial institution, providing loans up to $5,000 per borrower to teachers relocating to Hawaii or moving to hard-to-fill positions

Loans are forgiven if the borrower becomes a licensed teacher in Hawaii or commits to teach full-time for seven years in hard-to-fill positions including special education, shortage categories, Title 1 schools, or rural areas

Priority eligibility given to teachers who relocate to Hawaii from out of state or accept positions in a different complex area within Hawaii

Creates the teacher loan program revolving fund to receive appropriations, private contributions, and loan repayments, with up to 5% of outstanding loan amounts available for administrative expenses

Appropriates unspecified amounts from general revenues for fiscal years 2025-2026 and 2026-2027; effective date July 1, 2025