A. The Geaux Teach Program is hereby established for the purpose of awarding scholarships to students in teacher preparation programs at postsecondary education institutions that are approved by the State Board of Elementary and Secondary Education. The program shall be administered by the Board of Regents through the office of student financial assistance. The administering agency may retain up to three percent of the funding available for the program for costs associated with administering the program.

            B.(1) The Geaux Teach Fund, referred to in this Section as the “fund”, is hereby created within the state treasury for the purpose of providing funding for the Geaux Teach Program.

            (2) Monies in the fund shall be subject to appropriation by the legislature and shall be available exclusively for use by the Board of Regents through the office of student financial assistance for purposes of the Geaux Teach Program.

            (3) All unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund and be available for appropriation the next fiscal year. The monies shall be invested by the treasurer in the same manner as monies in the state general fund, and all interest earned shall be credited to the fund following compliance with the requirements of La. Const. Art. VII, § 9(B) relative to the Bond Security and Redemption Fund.

            C. The Board of Regents through the office of student financial assistance shall adopt rules and regulations for the implementation of this Section.

            D. Up to twenty percent of the annual appropriation to the Geaux Teach Fund may be used to award scholarships to students enrolled in certified alternative teacher certification program approved by the State Board of Elementary and Secondary Education.

            E. A student shall be initially eligible for the program if the student meets all of the following criteria:

            (1) Is a United States citizen who is registered with Selective Service, if required.

            (2) Is a Louisiana resident for at least two years prior to July 1 of the scholarship award year.

            (3) Has completed and submitted documentary evidence required by the Board of Regents through the office of student financial assistance.

            (4) Is enrolled as a full-time undergraduate student in a teacher education program approved by the State Board of Elementary and Secondary Education with the intent of becoming a certified teacher.

            (5) Has at a least a 2.50 cumulative college grade point average.

            F. To maintain eligibility for an award, a student shall meet all of the following criteria:

            (1) Have received the scholarship for not more than four academic years.

            (2) Maintain full-time undergraduate status.

            (3) Achieve a cumulative grade point average of at least 2.50 at the end of each academic year.

            (4) Maintain continuous enrollment as a full-time student in an approved teacher education program, unless granted an exception by the administering agency.

            G. Scholarship awards shall be applicable only to the cost of tuition, required fees, and textbooks and instructional materials required for the course of study. The award shall be used only after all other state or institutional financial aid and awards are applied and only for any remaining balance due for tuition, required fees, and textbooks and instructional materials required for the course of study.

            Acts 2022, No. 463, §1, eff. June 15, 2022.