Finance >> Browse Articles >> Loans
Loan Forgiveness for Teachers
Jill Hare | Editor, TheApple
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 $17,500 in loan forgiveness.
Contact: Federal Student Aid Information Center ● 800.433.3243 ● www.studentaid.ed.gov (The Non-Traditional Licensure program fee does not qualify for Stafford loan forgiveness).
captainclaycrash
3 months ago
4 comments
California? I suppose we should consult our district credentialing office or payroll. Howzabout contacting the loan provider; SallieMae, etc.
catherine4art
5 months ago
2 comments
Does anyone know about loan forgiveness for California? How about Florida?
leatha_w
8 months ago
2 comments
Why don't you have anything for Missouri's Teachers?
jan59
10 months ago
2 comments
In Florida there is a program, but only if you did not have a school loan balance as of 1998. So.... for those teachers (like myself), who have worked in low income schools for over 20 years, but still have a huge balance, don't get a break. I don't think that is fair. Any ideas?
There is a fairly new program called the Public Service Loan Forgiveness program for teachers. Maybe this will help someone.
kwiencek
11 months ago
4 comments
az should offer something...they don't pay us s{($!!!!
ctauber
about 1 year ago
24 comments
Birkman, though I agree with you, if everyone who had student loans claimed bankruptcy, the economy would go even further into the toilet. It would be nice if they did something to reward the students who had good grades. Cut us some kind of slack.
ctauber
about 1 year ago
24 comments
of course my state would not be one of them
AngelNeko
about 1 year ago
22 comments
I don't know about a state loan forgiveness program in Kansas, but Wichita USD 259 has one. Its called Grow Your Own Teacher and they have info posted on their website usd259.com. They are working with local colleges like Wichita State and Friends University and it pretty much guarantees a teaching position after graduation
SarahLester
about 1 year ago
2 comments
LA sucks. No forgiveness?
jovick25
about 1 year ago
2 comments
what happened to Ma. so When I finish school maybe I should move to a state that offers this :(.
airby4171
about 1 year ago
2 comments
so they dnt offer it at all in SC????
Andrealynn721
about 1 year ago
2 comments
What about California and what if i am already working in a low income situation for 4 years
osburn40
about 1 year ago
2 comments
God forgive me, but I DO hate Louisiana.
BryanEaton
about 1 year ago
4 comments
God I love ohio...
Teddi14
about 1 year ago
8 comments
I have a squidoo lens about this program at: http://www.squidoo.com/teacher_student_loan_cancellation I will personally be utilizing this program this year.