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Bush unveils loans for teachers
A partnership between public and private interests will help teachers buy homes and repay student loans.
©Associated Press
October 8, 2002
JACKSONVILLE -- Republican Gov. Jeb Bush announced a program for low-interest education and housing loans for teachers Monday.
The governor described the programs as a public-private partnership to recruit and retain high-quality teachers.
"To keep pace with rising student populations and teacher retirements, Florida, like many other states, is focusing on recruiting new teachers," the governor said.
The Florida Teacher EdLoan program, sponsored by edsouth, will allow certified schoolteachers and administrators to repay their educational loans at a discounted rate of 1.06 percent.
The governor also announced the Homes 4 Teachers program, a partnership with the Freddie Mac mortgage lending program and Bank of America.
Teachers and educators can qualify for mortgages, which provide 100 percent financing for homes. Teachers with credit issues can qualify for mortgages enabling them to buy a home with a $500 down payment.
At the news conference attended by about 50 education students and university officials, Bush said he was wearing his governor's hat and not his candidate's hat. "I'm not going to answer political questions," said Bush.
The campaign of Democrat Bill McBride, Bush's November opponent, questioned why the mortgage loans are needed.
"If you paid the teachers well, they wouldn't need assistance to buy a house," said Alan Stonecipher, a McBride spokesman.
Florida teachers are paid $5,000 below the national average, less than Georgia and Alabama, he said.
The announcement coming four weeks before the election shows it is a "politically motivated tactic," Stonecipher said.
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