TO: | Honorable Kel Seliger, Chair, Senate Committee on Higher 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.), Committee Report 1st House, Substituted |
However, there would be a signficant cost of ($5,000,000) in fiscal year 2017 and increasing to a cost of ($10,000,000) in fiscal year 2018 and continuing thereafter.
The bill would make no appropriation but could provide the legal basis for an appropriation of funds to implement the provisions of the bill.
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2014 | $0 |
2015 | $0 |
2016 | $0 |
2017 | ($5,000,000) |
2018 | ($10,000,000) |
Fiscal Year | Probable Savings/(Cost) from GENERAL REVENUE FUND 1 |
---|---|
2014 | $0 |
2015 | $0 |
2016 | $0 |
2017 | ($5,000,000) |
2018 | ($10,000,000) |
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 year, 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 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 total amount of loan repayment assistance paid by the Board may not exceed the total amount available in the fund or any other money that the Board is legally authorized to use for the program.
The Board would begin providing loan repayment assistance under the program to eligible persons teaching in the 2016-17 school year.
Source Agencies: | 701 Central Education Agency, 781 Higher Education Coordinating Board
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LBB Staff: | UP, GO, KK, SK, RT
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