The Veterans Entering Teaching (VET) Act establishes a new program aimed at providing tuition and mandatory fee assistance to eligible veterans pursuing degrees in approved teacher preparation programs at Oklahoma educational institutions. To qualify, veterans must have been honorably discharged from the U.S. Armed Forces and agree to teach in an Oklahoma school district for three consecutive years after graduation. The program requires participants to maintain good academic standing and submit proof of employment in a school district to retain eligibility. Assistance is capped at $2 million per academic year and is allocated on a first-come, first-served basis, with a stipulation that federal education benefits must be exhausted before state assistance is provided.

Additionally, the act creates the Veterans Entering Teaching (VET) Revolving Fund, which will be used to finance the program. This fund will consist of legislative appropriations and will be managed by the Oklahoma State Regents for Higher Education. The act outlines repayment requirements for individuals who fail to meet the program's conditions, allowing for hardship waivers in certain circumstances. The VET Act is set to take effect on July 1, 2025, and includes provisions for the promulgation of rules to implement its provisions.