NE LB408

Creates the Special Education Teacher Forgivable Loan Program administered by the State Department of Education to address difficulties filling special education teaching positions in Nebraska elementary and secondary schools

Provides forgivable loans to eligible students enrolled at Nebraska not-for-profit colleges or universities who are seeking initial certification as a teacher with a special education endorsement

Limits the program to up to 25 forgivable loans per academic year per eligible institution, covering remaining tuition costs after federal and state financial aid grants and scholarships are applied

Requires loan recipients to begin teaching special education at a Nebraska school within one year of graduation and teach for five consecutive years (or equivalent years of loans received) to have loans fully forgiven at a rate of 20% per year

Students who fail to meet teaching requirements must repay the remaining loan balance with 5% simple interest annually, with repayments credited to the General Fund