MS HB1062

Establishes a graduate teacher education incentive loan program for licensed teachers employed in Mississippi public school districts for at least 3 years or university instructors in state institutions of higher learning for at least 3 years.

Authorizes loans up to $1,000 per month for each month of full-time study in an approved graduate teacher education program, with repayment deferred during enrollment.

Converts loans to interest-free scholarships upon completion of a teaching service obligation of at least 2 years in a Mississippi public school district or state institution of higher learning.

Requires teaching service to discharge the loan on a 2-to-1 basis (2 years of teaching service equals forgiveness of 1 year's loan amount), with remaining balance owed if the service obligation is not completed.

Board of Trustees of State Institutions of Higher Learning shall establish rules and regulations to implement the program, effective July 1, 2014.