OK SB1031

Establishes the Oklahoma Teacher Loan Incentive Program to provide up to $50,000 in student loan repayment assistance for certified teachers who teach 5 consecutive years at Oklahoma public schools where 75% or more of students qualify for free and reduced lunch

Requires eligible teachers to have graduated in the top 20% of their high school class (or scored in the 80th-100th percentile on ACT/SAT) and earned a minimum 3.5 college GPA from an Oklahoma or accredited out-of-state institution after June 30, 2014

Creates the Oklahoma Teacher Loan Incentive Program Revolving Fund in the State Treasury as a continuing fund to finance loan repayment assistance

Directs the Commission for Educational Quality and Accountability to administer the program, promulgate rules, and submit annual reports to the Governor and legislative leaders beginning December 1, 2017

Requires teachers to apply within 30 months of college graduation and enter into a contract with the Commission; payments go directly to the financial institution holding the teacher's student loans