Described is the development and initial assessment of a forgiveable loan program designed to attract qualified students into a teacher education program to prepare for teaching mathematics in middle or high schools. The program was established in 1983 at Austin College by the King Foundation. Five qualified students a year may be awarded a King Scholar loan ($2,000 per year), renewable if a 3.00 grade point average and satisfactory progress toward certification is maintained. For each year the recipient teaches mathematics, physics, or chemistry, a portion of the loan is forgiven. As of Spring 1986, 15 King Scholars had been selected; seven are still in the program, one is graduated and teaching, and seven exited the program. Thirteen of them responded to a questionnaire about the extent to which the loan program had influenced their educational career decisions, their views on the effectiveness of such programs, their current and/or former teaching fields, and (when appropriate) their reasons for leaving the program. Their replies are presented and discussed. It appears uncertain whether the program will be able to increase significantly the number of students being certified to teach in the targeted fields. (MNS)