Wisconsin Statutes 39.397 – School leadership loan program
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Terms Used In Wisconsin Statutes 39.397
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
- Year: means a calendar year, unless otherwise expressed; "year" alone means "year of our Lord". See Wisconsin Statutes 990.01
(1) The board shall establish a loan program for students selected by the board in a competitive application process who meet all of the following requirements:
(a) Are enrolled in a school leadership program at an institution of the University of Wisconsin System that permits students to earn degrees in less time than a traditional school leadership program and that includes a required mentorship or apprenticeship component.
(b) Are nominated by a superintendent of a school district.
(2)
(a) Loans under sub. (1) shall be made from the appropriation under s. 20.235 (1) (cu). Except as provided in par. (b), loans under sub. (1) shall be repaid at an annual interest rate of 5 percent.
(b) The board shall forgive 25 percent of the loan and 25 percent of the interest on the loan for each school year the recipient satisfies all of the following:
1. The recipient is employed in a school leadership position in an elementary or secondary school in this state.
2. The recipient receives a rating of proficient or distinguished on the educator effectiveness system or the equivalent in a school that does not use the educator effectiveness system.
(3) The board shall deposit in the general fund as general purpose revenue-earned all repayments of loans made under sub. (1) and the interest on the loans.