NC H1031

Establishes the Loan Repayment Assistance Program for Teachers administered by the State Education Assistance Authority to help qualified teachers repay eligible student loan debt.

Provides repayment assistance loans of up to $10,000 per calendar year to classroom teachers employed full-time in North Carolina public schools or charter schools who have been employed for 2-8 years and agree to remain employed for 4 years following each loan receipt.

Loans are forgivable if the teacher completes the 4-year repayment assistance period; teachers who voluntarily leave employment before completion must repay the full loan amount plus accrued interest.

Establishes the Teachers' Loan Repayment Assistance Fund and appropriates $38,500,000 from the Education Lottery Fund for fiscal year 2016-2017, with up to 2% allowable for administrative costs.

Program becomes effective July 1, 2016, with the State Education Assistance Authority required to report annually to the Joint Legislative Education Oversight Committee on fund status and loans awarded.