39.397 School leadership loan program.
(1) The board shall establish a loan program for students selected by the board in a competitive application process who meet all of the following requirements:
(a) Are enrolled in a school leadership program at an institution of the University of Wisconsin System that permits students to earn degrees in less time than a traditional school leadership program and that includes a required mentorship or apprenticeship component.
(b) Are nominated by a superintendent of a school district.
(2)
(a) Loans under sub. (1) shall be made from the appropriation under s. 20.235 (1) (cu). Except as provided in par. (b), loans under sub. (1) shall be repaid at an annual interest rate of 5 percent.
(b) The board shall forgive 25 percent of the loan and 25 percent of the interest on the loan for each school year the recipient satisfies all of the following:
1. The recipient is employed in a school leadership position in an elementary or secondary school in this state.
2. The recipient receives a rating of proficient or distinguished on the educator effectiveness system or the equivalent in a school that does not use the educator effectiveness system.
(3) The board shall deposit in the general fund as general purpose revenue-earned all repayments of loans made under sub. (1) and the interest on the loans.
History: 2017 a. 59.