160.283. Teaching five years pays off amount received--failure to teach treated as loan for unpaid amount. - Missouri Statutes

Teaching five years pays off amount received--failure to teachtreated as loan for unpaid amount.

160.283. Every student receiving scholarships under theprovisions of sections 160.276, 160.278, 160.281 and 160.283shall teach in an elementary or secondary public school in thisstate for a period of five years after receiving a degree or thescholarship shall be treated as a loan to the student andinterest at the rate of nine and one-half percent per year shallbe charged upon the unpaid balance of the amount received fromthe date the student ceases to teach until the amount receivedis paid back to the state. In order to provide for theservicing of such loans, the department of elementary andsecondary education may sell such loans to the higher educationloan authority of the state of Missouri created under sections173.350 to 173.450, RSMo. For each year that the studentteaches up to five years, one-fifth of the amount which wasreceived under sections 160.276, 160.278, 160.281 and 160.283shall be applied against the total amount received and shall notbe subject to the repayment requirement of this section.

(L. 1985 H.B. 463 § 9 subsec. 6, A.L. 1990 S.B. 740)