NC H997

Establishes the North Carolina STEM and Special Education Scholars Program administered by the State Education Assistance Authority to provide forgivable loans to high school seniors committed to teaching science, technology, engineering, mathematics, or special education.

Loans are forgivable 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 system within six years of graduation.

Initial loan amount is $5,000 per year with intent to increase to match average tuition, fees, and housing costs at UNC System schools; interest rate capped at 10% and accrues from disbursement.

Appropriates $2.9 million for fiscal year 2013-2014 and $5.65 million for fiscal year 2014-2015, with funds allocated for scholarships, program administration, and extracurricular activities for loan recipients.

Requires the State Education Assistance Authority to adopt stringent eligibility standards including minimum GPA and test scores, and to report annually to the Joint Legislative Education Oversight Committee.