Honorable Jimmie Don Aycock, Chair, House Committee on Public Education
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB1720 by Patrick (Relating to the Math and Science Scholars Loan Repayment Program for teachers who agree to teach mathematics or science in certain school districts in this state.), As Engrossed
No fiscal implication to the State is anticipated.
The bill would create the Math and Science Scholars Loan Repayment Program for teachers who agree to teach mathematics or science in certain school districts in the state. Under provisions of the bill, the Higher Education Coordinating Board (Board) would establish and administer the program. The bill includes specific eligibility requirements regarding the program, including service and repayment provisions.
Under provisions of the bill, not more than 1,000 eligible persons may be provided loan repayment assistance for the 2016-17 academic year. The maximum number of eligible persons for the 2017-18 academic year and the 2018-19 academic year are 2,000 and 3,000 respectively. The maximum number of eligible persons that can be provided loan repayment assistance in any school year is 4,000. This section of the bill would expire January 1, 2020. The Board would determine the annual amount of loan repayment payments. The Board would begin providing loan repayment assistance under the program to eligible persons teaching in the 2016-17 school year.
The bill would create the mathematics and science teacher investment fund (fund). The fund is a dedicated account in the general revenue fund and consists of gifts, grants and other donations received for the fund and interest and other earnings from the investment of the fund. Under provisions of the bill, the legislature may not appropriate general revenue for the fund and only available money in the mathematics and science teacher investment fund may be be used for loan repayment assistance.
Since the bill specifies that general revenue cannot be used to support the program and that only money in the fund, which is supported by gifts, grants and donations, can be used, there would not be a fiscal impact to the state.
Local Government Impact
No fiscal implication to units of local government is anticipated.