MI HB5467

Establishes the "Excellence in Education Act" creating a teachers loan forgiveness program administered by the Michigan Department of Education for eligible teachers in at-risk schools.

Defines "at-risk school" as a public or nonpublic elementary or secondary school where at least 50% of students meet income eligibility criteria for free or reduced-price lunch programs.

Eligible teachers must have received initial teaching certification within 3 years of application, be Michigan residents, have education debt from their first 4 years of teacher education, and commit to teaching in an at-risk school for up to 10 consecutive years.

Grants provide up to 10% annual forgiveness of eligible debt (capped at $20,000) for each consecutive year of teaching in an at-risk school, reduced by any amounts received from other state or federal loan repayment programs.

Creates the Teachers Loan Forgiveness Fund as a separate state treasury fund administered by the Department of Treasury to provide money for grants, with fund balances carrying over year to year.