NC S521

Modifies the Principal Fellows Commission membership by reducing dean positions from two to one from UNC and adding one dean from North Carolina Independent Colleges and Universities, and replacing the parent position with a human resources expert.

Expands the State Education Assistance Authority's responsibilities to administer forgivable scholarship loans for the Transforming Principal Preparation Grant Program in addition to the Principal Fellows Program.

Establishes that the Principal Fellows Commission and Transforming Principal Preparation Grant Program shall be jointly administered as the "Principal Fellows and TP3 Commission" beginning July 1, 2021, with the Commission making grant recipient selections and monitoring forgivable scholarship loans.

Creates new forgivable scholarship loan terms allowing up to $40,000 per participant ($20,000 per year for up to two years) with forgiveness upon four years of service as a school administrator in North Carolina public schools within seven years of program completion.

Transfers funds and administration from the former Principal Fellows Program to a combined Principal Fellows and TP3 Trust Fund, with $3.258 million and $4.580 million in annual recurring appropriations beginning fiscal year 2021-2022.