MS SB2218

Increases the annual forgivable loan amount from $6,500 to $8,000 per year for four-year Teaching Fellows Program participants beginning in the 2016-2017 academic year.

Establishes a minimum ACT score of 23 as a qualification standard for loan awards and transfers oversight of standards-setting from the Postsecondary Education Financial Assistance Board to the State Board of Education.

Expands program eligibility to include community college freshmen and sophomores in addition to high school seniors enrolled in public four-year institutions.

Adds loan forgiveness option for teaching three consecutive years in critical shortage subject areas as defined by the State Board of Education, and provides incentive pay of $5,000 per year (maximum five years) for teachers in geographical shortage areas.

Effective July 1, 2016.