Montana Code 20-4-504. Loan repayment assistance
20-4-504. Loan repayment assistance. (1) Loan repayment assistance may be provided on behalf of a quality educator who:
Terms Used In Montana Code 20-4-504
- district: means the territory, regardless of county boundaries, organized under the provisions of this title to provide public educational services under the jurisdiction of the trustees prescribed by this title. See Montana Code 20-6-101
- school: means an institution for the teaching of children that is established and maintained under the laws of the state of Montana at public expense. See Montana Code 20-6-501
- Superintendent of public instruction: means that state government official designated as a member of the executive branch by the Montana constitution. See Montana Code 20-1-101
(a)is newly hired in an impacted school; and
(b)has an educational loan that is not in default and that has a minimum unpaid current balance of at least $1,000 at the time of application.
(2)A quality educator is eligible for state-funded loan repayment assistance for a lifetime total of no more than 3 years and an additional 1 year of loan repayment assistance voluntarily funded by the impacted school or the district under which the impacted school is operated, with the maximum annual loan repayment assistance not to exceed:
(a)$3,000 of state-funded loan repayment assistance after the first complete year of teaching in an impacted school;
(b)$4,000 of state-funded loan repayment assistance after the second complete year of teaching in the same impacted school or another impacted school within the same school district;
(c)$5,000 of state-funded loan repayment assistance after the third complete year of teaching in the same impacted school or another impacted school within the same school district; and
(d)up to $5,000 of loan repayment assistance funded by the impacted school or the district under which the impacted school is operated after the fourth complete year of teaching in the same impacted school or another impacted school within the same school district.
(3)If the funding for state-funded loan repayment assistance in any year is less than the total amount for which Montana quality educators qualify, the superintendent of public instruction shall prorate repayment assistance amounts accordingly.