Includes whereas clauses.

Removes the terms qualifying licensure area and STEM from the definitions under GS 116-209.60, which defines terms for use in Part 3 of Article 23 of GS Chapter 116, which governs the North Carolina Teaching Fellows Program (Program). No longer limits the Program to providing loans to individuals interested in preparing to teach in the State's public schools in those previously specified qualifying licensure areas, instead opening it more broadly to those preparing to teach in the State's public schools. Makes changes throughout the Part by removing references to "STEM" and "qualifying licensure area." Amends the use of the money in the North Carolina Teaching Fellows Program Trust Fund by now requiring that up to $600,000 be used for extracurricular enhancement activities, including specified summer programs and alumni programs, and that up to $500,000 be used to implement the recruitment activities. Removes the cap on the number of higher education institutions participating in the Program. Requires an educator preparation program that enrolls loan recipients in a program of study leading to licensure in elementary education to provide training aligned with the Science of Reading. Requires the North Carolina Teaching Fellows Commission to contract with a third party to evaluate whether the programs are providing training aligned with the Science of Reading. Increases the amount of the loan from $5,000 per semester to $12,000 per year and expands the allowable uses of the loan money to include room and board. Adds each UNC constituent institution to those entities that must report to the specified NCGA committee.

Amends GS 116-209.63 by providing that a loan is to be forgiven if it is impossible for the recipient to work for up to four years (was, eight years), within 10 years after completing the program, at a North Carolina public school due to the recipient’s death or permanent disability.

Applies to applications for the award of funds beginning in the 2024-25 academic year.

Requires the State Education Assistance Authority to forgive any loan outstanding for any person under the Program and any accrued interest if the person meets the statutory requirements for forgiveness.

Effective July 1, 2024.