SB 107 - Current law authorizes a program entitled the "Advantage Missouri Program," which provides loans to, and establishes a loan forgiveness program for, students in approved educational programs who become employed in occupational areas of high demand in Missouri. This act modifies this program by applying it specifically to students who become teachers in high needs public or charter schools. Under the program, an eligible student may participate for up to either eight undergraduate semesters or four graduate semesters, but not both, whether consecutive semesters or not. The eligible student may additionally be awarded a loan of up to $3,500 per undergraduate academic semester or $3,000 per graduate academic semester by the Coordinating Board for Higher Education, not to exceed an annual maximum of $7,000 for undergraduate students and $6,000 for graduate students toward an initial teacher certification.
The act reauthorizes until January 1, 2030, a tax credit for contributions made by taxpayers to the renamed "Advantage Missouri Teachers Trust Fund," which is used to provide loans under this act.
OLIVIA SHANNON