The Teaching Fellows Act, which Price plans to propose to the House on Thursday, aims to provide students with an incentive to enter teaching. The program would use North Carolina's Teaching Fellows Program as a model for other states.
Price held a press conference to announce the act at empty Carter-Finley Stadium to demonstrate that North Carolina will need to hire 80,000 teachers during the next 10 years.
"If we filled Carter-Finley Stadium and the Entertainment and Sports Arena with new teachers, North Carolina still would need to hire another 6,000 teachers to meet our need of 80,000 teachers over the next 10 years," Price said.
The N.C. Teaching Fellows program is a state-funded initiative that currently provides $8 million to N.C. college students who attend in-state institutions.
Price cited estimates predicting that the United States will need 2.2 to 2.5 million new teachers during the next decade, making the lack of teachers a national as well as a state issue.
The act would provide an estimated $300 million to states that create scholarships of at least $6,500 for students who wish to become teachers.
Participants will be required to teach in one of the state's public schools for three to four years after graduating.
States wishing to be part of the Teaching Fellows Act would apply for a portion of the $300 million and provide a 25 percent match to the amount received.
The Teaching Fellows Act includes two programs, the Teaching Fellows Program for high school seniors and the Teaching Fellows Partnership Program.