Bill description: HB 504 would create a student loan repayment program for educators in rural districts with a teacher shortage.
Does it increase government redistribution of wealth? Conversely, does it decrease government redistribution of wealth?
HB 504 would establish a new program providing funding to educators to assist with repaying their student loans; the program would apply only to educators in low-income, rural school districts with a teacher shortage. The program would provide teachers up to $3,000 per year, for up to four years.
This bill favors isolated rural school districts with teacher shortages in low-income districts at the expense of other urban districts, those without teacher shortages, and those not in low-income communities. (-1)
Does it increase government spending (for objectionable purposes) or debt? Conversely, does it decrease government spending or debt?
This new program would cost state taxpayers $1,550,000 annually to implement. The program is capped at 500 participants each year, and with $3,000 for each individual, the money distributed to educators would be $1,500,000 per year. Additionally, the Fiscal Note for HB 504 estimates that $50,000 would be needed annually to administer the program.
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