In response to the shortage of mathematics and science teachers in Washington, this state's legislature developed a program to provide loans for students preparing to teach secondary-level mathematics or science in Washington public schools. The rationale was that these loans would encourage students majoring in mathematics or science to prepare for teaching careers. Funds made available through the loan program were distributed to the 15 colleges and universities in the state that have teacher education programs. This study surveyed these institutions to determine the interpretation of guidelines and distribution of funds by subject area, the adequacy of the funding level, and the number of mathematics and science teachers available as a result of the program. Among the results (presented as answers to nine questions) are those indicating that the number of students in mathematics and science teacher preparation programs has increased, more males than females received loans, and only one-third of those who completed preparation under the program were teaching science or mathematics in Washington public schools (it was noted that some individuals were still seeking employment). Recommendations based on these and other results include continuing the program and clarifying program guidelines. (JN)