GROW OWN TEACHER-BUDGET-WAIVER

Amends the Grow Your Own Teacher Education Act. Provides that in any fiscal year in which an appropriation for the Grow Your Own Teacher Education Initiative is made, the consortium shall guarantee that support will be available to an admitted cohort for the cohort's training for that fiscal year (instead of providing that the consortium shall guarantee that support will be available to an admitted cohort through the cohort's full period of training). Makes changes concerning expenditures under the Initiative with regard to requests to waive the teaching obligation or to defer repayment, the way grants are awarded to provide the required support for a cohort of candidates, and what a program budget must include. Provides that grant funds may be used by any member of a consortium to offset the costs of child care and other direct expenses that are necessary to permit candidates to maintain their class schedules. Effective July 1, 2007.