261.48 - MINORITY TEACHER LOAN PAYMENTS.
261.48 MINORITY TEACHER LOAN PAYMENTS.
An individual is eligible for reimbursement payments under the
guaranteed loan payment program if the individual meets all of the
following conditions:
1. Is a teacher employed on a full-time basis under sections
279.13 through 279.19 in a school district in this state, is a
teacher in an approved nonpublic school in this state, or is a
licensed teacher at the Iowa braille and sight saving school or the
Iowa school for the deaf.
2. Is a member of a minority.
3. Has never defaulted on a loan guaranteed by the commission.
4. Has an outstanding debt with an eligible lender under the Iowa
guaranteed student loan program or the Iowa supplemental loans for
students program, has parents with an outstanding debt with an
eligible lender under the Iowa PLUS loan program, or has an
outstanding debt under the Stafford loan program, the supplemental
loans for students program, or the PLUS loan program.
5. Graduated from college after January 1, 1989.
The maximum annual reimbursement payment to an eligible teacher
under this section for loan repayments made during a school year is
one thousand dollars or the remainder of the teacher's loan,
whichever is less. Total payments under this section for an eligible
teacher are limited to a six-year period and shall not exceed six
thousand dollars. If a teacher fails to complete a year of
employment on a full-time basis as provided in subsection 1, the
teacher shall not be reimbursed for loan payments made during that
school year. If the number of eligible applicants exceeds the
funding available, the commission may accept applicants based on
academic scholarship.
The commission may sign contracts with eligible students at or
after the time of loan origination to assure loan repayment. Section History: Recent Form
89 Acts, ch 300, § 14; 96 Acts, ch 1215, § 39