LOAN ASSUMPTION FOR TEACHERS

Creates the Loan Assumption for Teachers Act. Provides that a person who is enrolled in a postsecondary education institution is eligible to enter into an agreement for loan assumption upon becoming employed as a teacher if he or she is judged to have outstanding ability and agrees to teach full time in a public school in this State for at least 4 consecutive school years after obtaining a teaching certificate (i) in a subject area that is designated as a current or projected shortage area by the State Superintendent of Education or (ii) at a school that at the time that the teacher is hired serves a large population of pupils from low-income families or is a low-performing school. Effective immediately.