Section 39.40 - Minority teacher loan program(1) In this section "minority student" means a student who is any of the following: (b) An American Indian or Alaskan native.(c) A Hispanic, as defined in s. 16.287(1) (d).(d) A person of Asian or Pacific Island origin.(e) A person whose ancestry includes 2 or more races.(2) The board shall establish a loan program for minority students who meet all of the following requirements: (am) Are residents of this state enrolled at least half-time as sophomores, juniors, or seniors in an institution of higher education, as defined in 20 USC 1001(a) and (b), located in this state.(bm) Are enrolled in programs of study leading to a teacher's license in a discipline identified as a teacher shortage area for this state by the federal department of education.(dm) Have a grade point average of at least 3.0 on a 4-point scale or the equivalent.(2m) A student eligible for a loan under sub. (2) may be awarded loans of up to $10,000 annually for not more than 3 years, with a maximum of $30,000 in loans to a student under this section.(3)(a) Loans under sub. (2) shall be made from the appropriation under s. 20.235(1) (cr). Except as provided in par. (b), loans under sub. (2) 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 as provided in subd. 1m. by a public or private elementary or secondary school, or by a tribal school, as defined in s. 115.001(15m), located in a school district in this state in which minority students constitute at least 40 percent of the membership, as defined in s. 121.004(5).1m. The recipient is employed as a full-time teacher in a high-demand area related to the recipient's discipline under sub. (2) (bm).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.(4) The board shall deposit in the general fund as general purpose revenue-earned all repayments of loans made under sub. (2) and the interest on the loans.(5) The board shall administer the repayment and forgiveness of loans made under s. 36.25(16), 1993 stats. The board shall treat such loans as if they had been made under sub. (2).Amended by Acts 2019 ch, 35,s 4, eff. 3/1/2020.Amended by Acts 2019 ch, 35,s 3, eff. 3/1/2020.Amended by Acts 2019 ch, 35,s 2, eff. 3/1/2020.Amended by Acts 2019 ch, 35,s 1, eff. 3/1/2020.Amended by Acts 2015 ch, 55,s 1372x, eff. 7/14/2015.Amended by Acts 2015 ch, 55,s 1372v, eff. 7/14/2015.Amended by Acts 2015 ch, 55,s 1372t, eff. 7/14/2015.Amended by Acts 2015 ch, 55,s 1372r, eff. 7/14/2015.Amended by Acts 2015 ch, 55,s 1372p, eff. 7/14/2015.1989 a. 31; 1995 a. 27; 1997 a. 27; 2011 a. 32.