MI SB1098

Establishes a teachers loan forgiveness program administered by the Department of Education to award grants to eligible teachers for repayment of student loans incurred during their first 4 years of teacher education enrollment.

Defines eligible debt as either the total remaining principal balance of state and federal student loans (capped at $20,000) obtained during initial teacher education enrollment.

Provides annual grants equal to 10% of the individual's eligible debt balance for up to 10 consecutive years, provided the teacher continues employment in a Michigan public or nonpublic elementary or secondary school.

Limits eligibility to Michigan residents who obtained their initial teaching certificate no more than 3 years before applying, are not eligible for other loan forgiveness programs, and submit applications by July 1.

Creates the teachers loan forgiveness fund as a separate state treasury account to be administered by the Department of Treasury, with fund balances carrying over annually rather than reverting to the general fund.