(1) There is created the Teacher Education Alternate Route Certification Scholars Program to be administered by the Postsecondary Education Financial Assistance Board. Beginning with the 2015-2016 academic year, the program shall provide an annual forgivable loan not to exceed Five Thousand Dollars ($5,000.00) for one (1) of the following alternate route programs:

(a) Mississippi Alternate Path to Quality Teachers Training Institute;

(b) Teach Mississippi Institute;

(c) Career Tech Education (CTE); or

(d) Masters of Arts in Teaching (MAT).

(2) Qualifying alternate route certification teacher education scholars must:

(a) Hold a bachelor’s degree from a regionally or nationally accredited institution of higher learning;

(b) Have a minimum GPA of 3.0 based on a 4.0 scale on the last sixty (60) credit hours of baccalaureate work, as reported by the graduating institution; and

(c) Meet the Mississippi minimum score requirements for national exams as required for educator certification as determined by the State Department of Education.

(3) A teacher education alternate route certified scholar who completes the program shall render one (1) year’s service as a teacher in a Mississippi public school for each year that the scholar received an award under the program. Repayment and conversion terms shall be the same as outlined in Section 37-106-53.

(4) The Postsecondary Education Financial Assistance Board shall promulgate such rules as are necessary to administer the Teacher Education Alternate Route Certification Scholars Program and establish necessary eligibility criteria not specifically set forth in this section.

(5) Awards granted under the Teacher Education Alternate Route Certification Scholars Program shall be made available to nontraditional licensed teachers showing a documented need for student loan repayment and employed in those school districts designated by the State Board of Education as a geographical area of the state or in a subject area of the curriculum in which there is a critical shortage of teachers. Repayment and conversion terms shall be the same as outlined in Section 37-106-53 except that the maximum annual amount of this repayment should not exceed Three Thousand Dollars ($3,000.00) and the maximum time period for repayment shall be no more than four (4) years.

(6) The provisions of this section shall be subject to appropriation by the Legislature.