Wisconsin Statutes 39.40 – Minority teacher loan program
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Terms Used In Wisconsin Statutes 39.40
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
- Year: means a calendar year, unless otherwise expressed; "year" alone means "year of our Lord". See Wisconsin Statutes 990.01
(1) In this section “minority student” means a student who is any of the following:
(a) A Black American.
(b) An American Indian or Alaskan native.
(c) A Hispanic, as defined in s. 16.287 (1) (d).
(d) A person of Asian or Pacific Island origin.
(e) A person whose ancestry includes 2 or more races.
(2) The board shall establish a loan program for minority students who meet all of the following requirements:
(am) Are residents of this state enrolled at least half-time as sophomores, juniors, or seniors in an institution of higher education, as defined in 20 U.S. Code § 1001 (a) and (b), located in this state.
(bm) Are enrolled in programs of study leading to a teacher’s license in a discipline identified as a teacher shortage area for this state by the federal department of education.
(dm) Have a grade point average of at least 3.0 on a 4-point scale or the equivalent.
(2m) A student eligible for a loan under sub. (2) may be awarded loans of up to $10,000 annually for not more than 3 years, with a maximum of $30,000 in loans to a student under this section.
(3)
(a) Loans under sub. (2) shall be made from the appropriation under s. 20.235 (1) (cr). Except as provided in par. (b), loans under sub. (2) shall be repaid at an annual interest rate of 5 percent.
(b) The board shall forgive 25 percent of the loan and 25 percent of the interest on the loan for each school year the recipient satisfies all of the following:
1. The recipient is employed as provided in subd. 1m. by a public or private elementary or secondary school, or by a tribal school, as defined in s. 115.001 (15m), located in a school district in this state in which minority students constitute at least 40 percent of the membership, as defined in s. 121.004 (5).
1m. The recipient is employed as a full-time teacher in a high-demand area related to the recipient’s discipline under sub. (2) (bm).
2. The recipient receives a rating of proficient or distinguished on the educator effectiveness system or the equivalent in a school that does not use the educator effectiveness system.
(4) The board shall deposit in the general fund as general purpose revenue-earned all repayments of loans made under sub. (2) and the interest on the loans.
(5) The board shall administer the repayment and forgiveness of loans made under s. 36.25 (16), 1993 stats. The board shall treat such loans as if they had been made under sub. (2).