SB 1960 Summary

• Establishes the Oklahoma Teacher Loan Repayment Program to provide educational loan repayment assistance to qualifying teachers administered by the Commission for Educational Quality and Accountability.

• Eligible teachers must have graduated after June 30, 2014, with top 20% class ranking or high ACT/SAT scores, earned a minimum 3.5 GPA from Oklahoma higher education institutions, and taught in Oklahoma public schools for three consecutive years in shortage areas or critical subjects (science, technology, engineering, mathematics, special education).

• Awards up to $5,000 or the total principal and interest of guaranteed student loans owed by the qualifying teacher, whichever is less, distributed at the end of the third consecutive teaching year and paid directly to the financial institution holding the loans.

• Creates the Oklahoma Teacher Loan Repayment Revolving Fund to finance the program and requires the Commission to maintain records and submit annual reports to the Governor and Legislature beginning December 1, 2015.

• Effective July 1, 2014, with emergency declaration for immediate implementation.