Teachers will have more student loan repayment options thanks to federal government's new Teach Grant program

Students who rely on student loans to help pay for college will now have a new option to help repay the high cost of a higher education: Teach Grants.

Recently signed into law by Pres. Bush in late Sept. 2007, these grants of $4,000 per qualifying tacher will help ease the pain when repayment of student loans comes due!

Here is text of H.R. 2669: Higher Education Access Act of 2007, which relates to the Teach Grants:

SEC. 104. TEACH GRANTS.
Part A of title IV (20 U.S.C. 1070 et seq.) is amended by adding at the 

end the following new subpart:


`Subpart 9--TEACH Grants
`SEC. 420L. DEFINITIONS.

←→`For the purposes of this subpart:

`(1) ELIGIBLE INSTITUTION- The term `eligible institution' means an 

institution of higher education, as defined in section 102, that the 

Secretary determines--

←→`(A) provides high quality teacher preparation and professional 

development services, including extensive clinical experience as a part 

of pre-service preparation;

`(B) is financially sound;

`(C) provides pedagogical course work, or assistance in the provision of 

such coursework, including the monitoring of student performance, and 

formal instruction related students with to the theory and practices of 

teaching; and

←→`(D) provides supervision and support services to teachers, or 

assistance in the provision of such services, including mentoring focused 

on developing effective teaching skills and strategies.

`(2) POST-BACCALAUREATE- The term `post-baccalaureate' means a program of 

instruction for individuals who have completed a baccalaureate degree, 

that does not lead to a graduate degree, and that consists of courses 

required by a State in order for a teacher candidate to receive a 

professional certification or licensing credential that is required for 

employment as a teacher in an elementary school or secondary school in 

that State, except that such term shall not include any program of 

instruction offered by an eligible institution that offers a 

baccalaureate degree in education.

←→`(3) TEACHER CANDIDATE- The term `teacher candidate' means a student or 

teacher described in subparagraph (A) or (B) of section 420N(a)(2).

←→`SEC. 420M. PROGRAM ESTABLISHED.

←→`(a) Program Authority-

`(1) PAYMENTS REQUIRED- The Secretary shall pay to each eligible 

institution such sums as may be necessary to pay to each teacher 

candidate who files an application and agreement in accordance with 

section 420N, and who qualifies `(b) Cost of Attendance Limitation- A 

grant awarded under paragraph (2) of section 420N(a), a TEACH Grant in 

the amount of $4,000 for each academic year during which that teacher 

candidate is in attendance at the institution.

`(2) REFERENCES- Grants made under paragraph (1) shall be known as 

`Teacher Education Assistance for College and Higher Education Grants' or 

`TEACH Grants'.

←→`(b) Payment Methodology-

`(1) PREPAYMENT- Not less than 85 percent of any funds provided to an 

eligible institution under subsection (a) shall be advanced to the 

eligible institution prior to the start of each payment period and shall 

be based upon an amount requested by the institution as needed to pay 

teacher candidates until such time as the Secretary determines and 

publishes in the Federal Register with an opportunity for comment, an 

alternative payment system that provides payments to institutions in an 

accurate and timely manner, except that this sentence shall not be 

construed to limit `(1) the authorityattendance for of the Secretary to 

place `(2) an institution on a reimbursement system of payment.

`(2) DIRECT PAYMENT- Nothing in this section shall be interpreted to 

prohibit the Secretary from paying directly to teacher candidates, in 

advance of `(A) the beginning of the academic term, an amount for which 

teacher candidates are eligible, in cases where the eligible institution 

elects not to participate in the disbursement system required by 

paragraph (1).

`(3) DISTRIBUTION OF GRANTS TO TEACHER CANDIDATES- Payments under this 

subpart shall be made, in accordance with regulations promulgated by the 

Secretary for such purpose, in such manner as will best accomplish the 

purposes of this subpart. Any disbursement allowed to be `(c) Supplement 

Not Supplant- Grants awarded from funds made by crediting the teacher 

candidate's account shall be limited to tuition and fees and, in `(d) Use 

of Excess Funds- `(1) FIFTEEN PERCENT OR LESS- If, at the case of 

institutionally-owned housing, room and board. The teacher candidate may 

elect to have the institution provide other such goods and services by 

crediting the teacher candidate's account.

←→`(c) Reductions in Amount-

`(1) PART-TIME STUDENTS- In any case where a teacher candidate attends an 

eligible institution on less than a full-time basis (including a teacher 

candidate who attends an eligible institution on less than a half-time 

basis) during any academic year, the amount of apayments grant under this 

subpart for which that teacher candidate is eligible shall be reduced in 

proportion to the degree to which that teacher candidate is not attending 

on a full-time basis, in accordance with a schedule of reductions 

established by the Secretary for the purposes of this subpart, computed 

in accordance with this subpart. Such schedule of reductions shall be 

established by regulation and published in the Federal Register in 

accordance with section 482 of this Act.

`(2) NO EXCEEDING COST- The amount of a grant awarded under this subpart, 

in combination with Federal assistance and other student assistance, 

shall not exceed the cost of attendance (as defined in section 472) at 

the eligible institution at which that teacher candidate is in 

attendance. If, with respect to any teacher candidate for any academic 

year, it is determined that the amount of a TEACH Grant exceeds the cost 

of attendance for that year, the amount of the TEACH Grant shall be 

reduced until such grant does not exceed the cost of attendance at the 

eligible institution.

←→`(d) Period of Eligibility for Grants-

`(1) UNDERGRADUATE AND POST-BACCALAUREATE STUDENTS- The period during 

which an undergraduate or post-baccalaureate student may receive grants 

under this subpart shall be the period required for the completion of the 

first undergraduate baccalaureate or post-baccalaureate course of study 

being pursued by the teacher candidate at the eligible institution at 

which the teacher candidate is in attendance, except that--

`(A) any period during which the teacher candidate is enrolled in a 

noncredit or remedial course of study as described in paragraph (3) shall 

not be counted for the purpose of this paragraph; and

`(B) the total amount that a teacher candidate may receive under this 

subpart for undergraduate or post-baccalaureate study shall not exceed 

$16,000.

`(2) GRADUATE STUDENTS- The period during which a graduate student may 

receive grants under this subpart shall be the period required for `(2) 

MORE THAN FIFTEEN PERCENT- If, at the completion of a master's degree 

course of study pursued by the teacher candidate at the eligible 

institution at which the teacher candidate is in attendance, except that 

the total amount that a teacher candidate may receive under this subpart 

for graduate study shall not exceed $8,000.

`(3) REMEDIAL COURSE; STUDY ABROAD- Nothing in this section shall be 

construed to exclude from eligibility courses of study which are 

noncredit or remedial in nature (including courses in English language 

acquisition) which are determined by the eligible institution to be 

necessary to help the teacher candidate be prepared for the pursuit of a 

first undergraduate baccalaureate or post-baccalaureate degree or 

certificate or, in the case of courses in English language instruction, 

to be necessary to enable the teacher candidate to utilize already 

existing knowledge, training, or skills. Nothing in this section shall be 

construed to exclude from eligibility programs of study abroad that are 

approved for credit by the home institution at which the teacher 

candidate is enrolled.

←→`SEC. 420N. APPLICATIONS; ELIGIBILITY.

`(a) Applications; Demonstration of Eligibility-

`(1) FILING REQUIRED- The Secretary shall periodically set dates by which 

teacher candidates shall file applications for grants under this subpart. 

Each teacher candidate desiring apayments may be made grant under this 

subpart for any year shall file an application containing such inform 

`(e) Authorization and assurances as the Secretary may determine 

necessary to enable the Secretary to carry out the functions and 

responsibilities of this subpart.

`(2) DEMONSTRATION OF TEACH GRANT ELIGIBILITY- Each application submitted 

under paragraph (1) shall contain such information as is necessary to 

demonstrate that--

←→`(A) if the applicant is an enrolled student--

←→`(i) the student is an eligible student for purposes of section 484;

`(ii) the student--

`(I) has a grade point average that is determined, under standards 

prescribed by the Secretary, to be comparable to a 3.25 average on a zero 

to 4.0 scale, except that, if the student is in the first year of a 

program of undergraduate education, such grade point average shall be 

determined on the basis of the student's cumulative secondary school 

grade point average; or

`(II) displayed high academic aptitude by receiving a score above the 

75th percentile on at least one of the batteries in an undergraduate, 

post-baccalaureate, or graduate school admissions test; and

`(iii) the student is completing coursework and other requirements 

necessary to begin a career in teaching, or plans to complete such 

coursework and requirements prior to graduating; or

`(B) if the applicant is a current or prospective teacher applying for a 

grant to obtain a graduate degree--

`(i) the applicant is a teacher or a retiree from another occupation with 

expertise in a field in which there is a shortage of teachers, such as 

mathematics, science, special education, English language acquisition, or 

another high-need subject; or

`(ii) the applicant is or was a teacher who is using high-quality 

alternative certification routes, such as Teach for America, to get 

certified.

←→`(b) Agreements to Serve- Each application under subsection (a) shall 

contain or be accompanied by an agreement by the applicant that--

←→`(1) the applicant will--

`(A) serve as a full-time teacher for a total of not less than 4 academic 

years within 8 years after completing the course of study `(B) 

$3,040,000,000 for which the applicant received a TEACH Grant under this 

subpart;

←→`(B) teach in a school described in section 465(a)(2)(A);

`(C) teach in any of the following fields--

←→`(i) mathematics;`(ii) science;`(iii) a foreign language;`(iv) 

bilingual education;`(v) special education;`(vi) as a reading specialist; 

or`(vii) another field documented as high-need by the Federal Government, 

State government, or local educational agency, and approved by the 

Secretary;
`(D) submit evidence of such employment in the form of a certification by 

the chief administrative officer of the school upon completion of each 

year of such service; and

`(E) comply with the requirements `(F) $10,000,000 for fiscal year 2013; 

`(G) $3,650,000,000 for fiscal year 2014; `(H) $3,850,000,000 for fiscal 

year 2015; `(I) $4,175,000,000 for fiscal year 2016; and `(J) 

$4,180,000,000 for fiscal year 2017. `(2) AVAILABILITY OF FUNDS- Funds 

appropriated under paragraph (1) for being a highly qualified teacher as 

defined in section 9101 of the Elementary and Secondary Education Act of 

1965; and

`(2) in the event that the applicant is determined to have failed or 

refused to carry out such service obligation, the sum of the amounts of 

any TEACH Grants received (b) Effective Date- The amendment made by such 

applicant will be treated as a loan and collected from the applicant in 

accordance with subsection (c) and the regulations thereunder.

`(c) Repayment for Failure to Complete Service- In the event that any 

recipient of a grant under this subpart fails or refuses to comply with 

the service obligation in the agreement under subsection (b), the sum of 

the amounts of any TEACH Grants received by such recipient shall, upon a 

determination of such a failure or refusal in such service obligation, be 

treated as a Federal Direct Unsubsidized Stafford Loan under part D of 

title IV, and shall be subject to repayment, together with interest 

thereon accruing from the date of the grant award, in accordance with 

terms and conditions specified by the Secretary in regulations under this 

subpart.

←→`SEC. 420O. PROGRAM PERIOD AND FUNDING.

`Beginning on July 1, 2008, there shall be available to the Secretary to 

carry out this subpart, from funds not otherwise appropriated, such sums 

as may be necessary to provide TEACH Grants in accordance with this 

subpart to each eligible applicant.'.