§ 2869 - Loan cancellation - Vermont Statutes

§ 2869. Loan cancellation

(a) Loans obtained under this subchapter may be partially or completely cancelled and forgiven, for a borrower who is employed for a complete academic school year as a full-time licensed teacher:

(1) in a Vermont elementary or secondary school which is approved by the state board of education; and

(2) in the subject area of mathematics, science, or computer science during a year when there is a critical shortage of licensed teachers in that area.

(b) Annually the board shall determine, after consultation with the commissioner, whether a critical shortage of licensed teachers exists in each of the subject areas of mathematics, science and computer science.

(c) The board shall determine the amount of loan to be cancelled for each complete academic year of teaching service. The amount so cancelled for each year shall not exceed 25 percent of the original principal amount plus any accrued interest.

(d) This section is subject to the availability of funds specifically appropriated for loan cancellations under this section. (Added 1983, No. 76, § 1; amended 1989, No. 118, § 3; 2003, No. 86 (Adj. Sess.), § 29.)