Section 23-3.9-402 - Temporary educator loan forgiveness program - administration - eligibility(1)(a) The general assembly authorizes the commission to develop and maintain a temporary educator loan forgiveness program for implementation in the 2022-23 state fiscal year for payment of all or part of the principal and interest of the qualified loans of an educator who is hired for a qualified position. The commission shall determine whether a loan is a qualified loan for purposes of the temporary educator loan forgiveness program. The commission shall develop loan repayment policies that ensure the money is used for the repayment of qualified loans of educators employed in qualified positions.(b) The general assembly shall appropriate to the commission ten million dollars from the economic recovery and relief cash fund created pursuant to section 24-75-228 to fund the temporary educator loan forgiveness program. The commission or a loan forgiveness recipient shall spend or obligate any money received pursuant to this section in accordance with section 24-75-226 (4)(d).(c) No later than July 1, 2023, the commission shall approve applications. If more new participants apply than can be approved based on the money available, the commission shall: (I) First, approve applicants who have contracted for a qualified position in a rural school district or rural school;(II) Second, approve applicants who have contracted for a qualified position in a content shortage area; and(III) Third, approve applicants who have contracted for a qualified position in a Colorado public school, a school operated by a board of cooperative services created pursuant to article 5 of title 22, or a facility school.(IV) (Deleted by amendment, L. 2023.)(d) In approving applications for each group of applicants identified in subsections (1)(c)(I), (1)(c)(II), and (1)(c)(III) of this section, the commission shall first consider those applicants who hold educator licenses pursuant to article 60.5 of title 22 and prioritize the approval of those applications based on the length of time each applicant has been employed under the license, beginning with those who have been employed the shortest length of time.(2) In addition to any qualifications the commission specifies, to qualify for the temporary educator loan forgiveness program, an educator must be liable for an outstanding balance on a qualified loan.(3) An educator who has received money from the educator loan forgiveness program created in section 23-3.9-102, student educator stipend program created in section 23-3.9-302, or educator test stipend program created in section 23-3.9-303 is not eligible for loan forgiveness money pursuant to this part 4.(4) An educator who qualifies pursuant to subsection (2) of this section is eligible for up to five thousand dollars in loan forgiveness.Amended by 2024 Ch. 429,§ 16, eff. 6/5/2024.Amended by 2023 Ch. 56,§ 5, eff. 4/10/2023.Added by 2022 Ch. 239, § 3, eff. 5/26/2022.