1. (a) To qualify for loan repayment assistance for student loans under this chapter, an applicant must:

   1. (1) hold a license to teach under IC 20-28-5 ;
   2. (2) agree in writing to the employment requirements set forth in section 7 of this chapter; and
   3. (3) meet any additional criteria established by the commission.

2. (b) At the end of the third consecutive school year in which a teacher who qualifies under subsection (a) has taught, the commission shall pay directly to the financial institution that holds the qualified teacher's student loans an amount not to exceed the lesser of:

   1. (1) the total principal and interest of the guaranteed student loans owed by the teacher at the end of the third year; or

   2. (2) an amount determined by the commission based on the funds appropriated to the program;

      which must be used to reduce the principal and interest on a guaranteed student loan owed by that qualified teacher.

3. (c) The commission may pay a qualified teacher's student loans under subsection (b) only if the following requirements are met:

   1. (1) The qualified teacher received the student loans for an undergraduate degree that was necessary for either the subject area in which the qualified teacher teaches or for the qualified teacher to receive a teaching license.

   2. (2) The qualified teacher's repayment of the loans is current at the time the commission makes the payment under subsection (b).

      The requirements under this subsection are in addition to the requirements set forth in section 7 of this chapter.

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