(a) There is established an English language learner educator incentive program to be administered by the Office of Higher Education.

(b) Within available appropriations, such program shall provide a grant to any student who (1) is in the last two years of a teacher preparation program leading to professional certification at any four-year institution of higher education in this state, and (2) will pursue an endorsement in bilingual education or teaching English to speakers of other languages. No student shall receive a grant under such program for more than two years. Maximum grants shall not exceed five thousand dollars per year.

(c) A student who receives a grant under subsection (b) of this section and who teaches in a public school in this state under such bilingual education or teaching English to speakers of other languages endorsement upon graduation from the teacher education program shall be eligible for reimbursement of federal or state educational loans up to a maximum of two thousand five hundred dollars per year for up to four years of teaching service.