MI SB0767

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

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

Eligible teachers must have received their initial teaching certificate within 3 years of application, be Michigan residents, have education debt from their first 4 years of teacher education enrollment, and have accepted employment in an at-risk school.

Awards grants up to the full amount of eligible debt (capped at $20,000) with annual partial grants of 10% of eligible debt for up to 10 consecutive years of teaching in at-risk schools, reduced by any other state or federal loan repayment assistance.

Creates the Teachers Loan Forgiveness Fund administered by the Department of Treasury to receive appropriations and provide money for grants, with fund balances carrying over annually rather than reverting to the general fund.