SCH CD-TEACHR-BONUS-REPAY LOAN

Amends the School Code. Requires the State Board of Education to establish and administer a program to provide signing bonuses to teachers who contract with the State Board to teach in a public school, for a minimum of 5 consecutive school years, in a school district that has a shortage of teachers or in a subject area that has a shortage of teachers, with the State Board determining the amount of the bonus. Also requires the State Board to establish and administer a loan repayment program for teachers who contract with the State Board to teach in a public school, for a minimum of 5 consecutive school years, in a school district that has a shortage of teachers or in a subject area that has a shortage of teachers, with the State Board awarding a grant to a teacher under contract in an amount that equals 50% of the amount in higher education student loans that the person must repay that school year. Effective July 1, 2003.