(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.
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