261.48  Minority teacher loan payments.
  1.  An individual is eligible for reimbursement payments under the guaranteed loan payment program if the individual meets all of the following conditions:
  a.  Is a teacher employed on a full-time basis under sections 279.13 through 279.19 in a school district in this state, is a teacher in an approved nonpublic school in this state, or is a licensed teacher at the Iowa braille and sight saving school or the Iowa school for the deaf.
  b.  Is a member of a minority.
  c.  Has never defaulted on a loan guaranteed by the commission.
  d.  Has an outstanding debt with an eligible lender under the Iowa guaranteed student loan program or the Iowa supplemental loans for students program, has parents with an outstanding debt with an eligible lender under the Iowa PLUS loan program, or has an outstanding debt under the Stafford loan program, the supplemental loans for students program, or the PLUS loan program.
  e.  Graduated from college after January 1, 1989.
  2.  The maximum annual reimbursement payment to an eligible teacher under this section for loan repayments made during a school year is one thousand dollars or the remainder of the teacher’s loan, whichever is less. Total payments under this section for an eligible teacher are limited to a six-year period and shall not exceed six thousand dollars. If a teacher fails to complete a year of employment on a full-time basis as provided in subsection 1, paragraph “a”, the teacher shall not be reimbursed for loan payments made during that school year. If the number of eligible applicants exceeds the funding available, the commission may accept applicants based on academic scholarship.
  3.  The commission may sign contracts with eligible students at or after the time of loan origination to assure loan repayment.
89 Acts, ch 300, §14; 96 Acts, ch 1215, §39; 2010 Acts, ch 1061, §92