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Loan Forgiveness for Teachers

Loan Forgiveness for Teachers

Jill Hare | Editor, Teaching

In Multiple States:

Federal Perkins Loan Cancellation

Teachers may have up to 100 percent of a federal Perkins Loan discharged (cancelled) for teaching fulltime in a public or nonprofit elementary or secondary school system. Qualifying persons must serve fulltime as 1) a teacher in a school serving students from low-income families; 2) as a special-education teacher, including teachers of infants, toddlers, children, or youth with disabilities; or 3) as a teacher in the fields of mathematics, science, foreign languages, bilingual education, or in any other field of expertise determined by a state education agency to have a shortage of qualified teachers in that state.

Contact: Federal Student Aid Information Center ● 800.433.3243 ● www.studentaid.ed.gov (The Non-Traditional Licensure program fee does not qualify for Perkins loan cancellation).

Federal Stafford Loan Forgiveness

The program allows eligible borrowers to receive forgiveness for their outstanding student loan balances on FFEL and Direct Loans. It also allows for forbearance of repayment during the 5-year teaching period leading up to forgiveness. Fulltime elementary and secondary teachers in designated low-income schools may receive up to $5,000. Fulltime math, science and special education teachers in designated low-income schools may receive up to $17,500 in loan forgiveness.

Contact: Federal Student Aid Information Center ● 800.433.3243 ● www.studentaid.ed.gov (The Non-Traditional Licensure program fee does not qualify for Stafford loan forgiveness).


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