1. (a) The teacher loan repayment fund is established.

2. (b) The purpose of the fund is to attract qualified teachers who:

   1. (1) graduated from an accredited Indiana high school after June 30, 2014, and either:

      1. (A) were in the highest twenty percent (20%) of students in their high school graduating classes; or
      2. (B) received scores in the top twentieth percentile on the SAT or ACT examination;
   2. (2) graduated from a four (4) year postsecondary educational institution with at least a 3.5 grade point average on a 4.0 scale or its equivalent; and

   3. (3) teach, for at least three (3) consecutive years in public schools in Indiana:

      1. (A) science, technology, engineering, mathematics, or special education classes; or

      2. (B) in a critical shortage area;

         by granting loan repayment assistance authorized under this chapter to eligible applicants.

3. (c) The fund consists of appropriations to the fund and gifts, grants, devises, or bequests made to the state to achieve the purposes of the fund.
4. (d) The fund shall be administered by the commission. The expenses of administering the fund shall be paid from money in the fund.
5. (e) Loan repayment assistance payments shall be made from the fund by the treasurer of state upon a warrant issued by the auditor of state in accordance with rules adopted by the commission.

As added by P.L.46-2014, SEC.4.