(1) There is established the assistant teacher forgivable loan program for the purpose of assisting eligible assistant teachers to become certificated teachers through the awarding of forgivable loans and to attract and retain qualified teachers for those geographical areas of the state and academic subject areas in which there exist a critical shortage of teachers. The forgivable loan program shall be implemented and administered by the board and is subject to the availability of funds appropriated specifically therefor by the Legislature.

(2) Under the assistant teacher forgivable loan program, qualified assistant teachers may be awarded financial assistance in an amount that is equal to the actual cost of three (3) three-hour academic courses per year. However, no assistant teacher may receive assistance through the program for more than fifteen (15) three-hour academic courses. An assistant teacher forgivable loan shall not be based upon an applicant’s financial need, and the receipt of any other forgivable loan or financial assistance shall not affect an assistant teacher’s eligibility under the program.

(3) In order to qualify for an assistant teacher, forgivable loan, an applicant must satisfy the following requirements:

(a) The applicant must be employed full-time as an assistant teacher with a local school district;

(b) The applicant must be accepted for enrollment at a baccalaureate degree-granting institution of higher learning in the State of Mississippi that is regionally accredited and approved by the board;

(c) The assistant teacher must maintain a minimum cumulative grade point average of 2.5 calculated on a 4.0 scale for all courses funded through the assistant teacher forgivable loan program; and

(d) The assistant teacher must have expressed in writing a present intention to teach in a critical teacher shortage geographic or academic subject area.

(4) At the beginning of the school year next succeeding the date on which a person who has received an assistant teacher forgivable loan obtains a baccalaureate degree, that person shall begin to render service as a certificated teacher in a school district or academic subject area, or both, designated by the State Board of Education. The board shall establish by rule and regulation the duration of teaching service due for recipients of forgivable loans based upon the number of academic hours funded through the assistant teacher forgivable loan program. Repayment and conversion terms shall be the same as those outlined in Section 37-106-53.