NC H1243

Establishes the North Carolina STEM and Special Education Scholars Program to provide forgivable loans to exemplary high school seniors committed to teaching science, technology, engineering, mathematics, or special education in North Carolina public schools.

Loan recipients must be North Carolina residents attending University of North Carolina constituent institutions and meet stringent academic standards; loans are $5,000 per year initially with intent to increase to cover average tuition, fees, and on-campus housing costs.

Loans are forgiven if recipients teach for four years at a North Carolina public school within six years of graduation, or three consecutive years at a low-performing school within that timeframe; otherwise cash repayment is required.

Appropriates $2,900,000 for fiscal year 2014-2015 ($2,500,000 for loans, $150,000 for program administration, $250,000 for extracurricular activities) with intent to appropriate $5,400,000 for fiscal year 2015-2016.

Effective July 1, 2014; requires annual reporting to the Joint Legislative Education Oversight Committee beginning December 1, 2015.