The purpose of the Teacher Education Loan Program is to provide loans to persons who are regularly employed as teachers in public schools in the state and who are enrolled in a course that will lead to a certificate or endorsement to teach a primary or secondary grade subject in which a teacher shortage exists as determined by the State Board of Education. The program also will provide loans to qualified undergraduate and graduate students who are enrolled in a program leading to certification as a classroom teacher or leading to a master's degree in a field for which the person is seeking certification or already holds certification.