Loan Forgiveness Programs for Teachers

Certain teachers who have outstanding Federal Stafford or Consolidation Loans may be eligible to have up to $5,000 of their loans forgiven.

To qualify for teacher loan forgiveness provisions, all of the following criteria must be met. You must:

• Have no outstanding balance on a Federal Family Education Loan (FFEL) Program or Federal Direct Program loan on October 1, 1998, or on the date you receive the new FFEL Program or Federal Direct Program loan after October 1, 1998.

• Teach full time at a designated school for five consecutive, complete academic years. At least one of the years of teaching service must be after the 1997-1998 academic year.

• Request forgiveness on a loan made before the end of your fifth year of qualifying teaching service.

• Teach at an elementary or secondary school in a low-income school district that is listed in the Annual Directory of Designated Low-Income Schools for Teacher Cancellation Benefits

• Obtain certification from the chief administrative officer that, if you teach in an elementary school, you demonstrate knowledge and teaching skills in reading, writing, mathematics, and other areas of the elementary school curriculum.

• Obtain certification from the chief administrative officer that, if you teach in a secondary school, you teach in a subject area that is relevant to your academic major.

To apply for teacher loan forgiveness or for more information, contact your loan holder. To inquire about teacher loan forgiveness for Federal Perkins Loans, contact the school you attended.