Oklahoma Teacher Loan Repayment Program Act - SB 680 Summary

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

• Eligible teachers must graduate from high school after June 30, 2015, rank in top 20% of class or score in 80-100 percentile on ACT/SAT, graduate from Oklahoma State System of Higher Education institution with minimum 3.5 GPA, and teach in Oklahoma public schools for 3 consecutive years in teacher shortage areas or critical subject areas (science, technology, engineering, mathematics, special education).

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

• Creates the Oklahoma Teacher Loan Repayment Revolving Fund as a continuing fund in the State Treasury to support the program, with all appropriated monies available for loan repayment assistance.

• Effective July 1, 2015, with emergency clause allowing immediate effect upon passage and approval.