NC H1116

Establishes the Loan Repayment Assistance Program for Teachers administered by the State Education Assistance Authority to help classroom teachers repay undergraduate or graduate education loans.

Eligible teachers must be licensed, employed full-time in North Carolina public schools or charter schools, and have been employed for at least 2 but no more than 8 years before applying.

Provides forgivable loans up to $10,000 annually for Tier 1 counties, $7,500 for Tier 2 counties, and $5,000 for Tier 3 counties; loans are forgiven after teacher completes four years of continued employment.

Teachers who voluntarily leave employment before completing the four-year repayment assistance period must repay funds in full with accrued interest; those who leave due to death, disability, or involuntary termination are not required to repay.

Appropriates $38,500,000 from the Education Lottery Fund for fiscal year 2016-2017, with up to 2% allowed for program administration costs.