Authorizes a new program to recruit and award scholarship loans to individuals who wish to enroll in an approved teaching program. Scholarship program is to be administered by the State Education Assistance Authority (Authority), which must establish eligibility criteria for individuals and approved teaching programs as well as an application process. Directs the State Board of Education to identify "hard-to-staff" schools and positions, which will factor into the eligibility criteria.

Appropriates $1 million each in fiscal years 2015-16 and 2016-17. Allows the Authority to supplement with funds from other sources. Outlines priorities for the use of funds, providing a cap of up to $200,000 for program administration.

Requires that the Authority forgive loans seven years after graduation if, subject to limited exceptions, the recipient enters the teaching profession in a hard-to-staff school and remains in such a school for at least four years.

Directs the Authority to submit annual reports to the General Assembly beginning in August 2016.

Effective July 1, 2015.