16 V.S.A. § 2869: Loan cancellation; mathematics, science, and computer science teachers

(a) Loans obtained under this subchapter may be partially or completely cancelled and forgiven for a borrower who is employed for a complete academic school year as a full-time licensed teacher:

(1) in a Vermont elementary or secondary school that is approved by the State Board; and

(2) in the subject area of mathematics, science, or computer science during a year when there is a critical shortage of licensed teachers in that area.

(b) Annually, the Board of the Corporation shall determine, after consultation with the Secretary, whether a critical shortage of licensed teachers exists in each of the subject areas of mathematics, science, and computer science.

(c) The Board shall determine the amount of loan to be cancelled for each complete academic year of teaching service. The amount cancelled for each year shall not exceed 25 percent of the original principal amount plus any accrued interest.

(d) This section is subject to the availability of funds specifically appropriated for loan cancellations under this section.