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Federal Loan Forgiveness Program
Certain teachers may be eligible for federal funds for teacher loan forgiveness provisions. The amounts vary from $5000 to $17,500 depending on subject area taught.
A teacher must have taught for five consecutive complete academic years in an eligible, low-income school. A low-income school is an elementary or secondary school that:
--is in a school district that qualifies for funds under Title I of the Elementary and Secondary Education Act of 1965, as amended; --has been selected by the Secretary based on a determination that more than 30 percent of the school's total enrollment is made up of children from low-income families; and --is listed in the annual Directory of Designated Low-Income Schools for Teacher Cancellation Benefits. (See the link for "Low-Income School Search" and other information at:
http://studentaid.ed.gov/PORTALSWebApp/students/english/
If a teacher began working after October 30, 2004, he or she must meet the "highly qualified" definition under NCLB. This is not necessary for teachers who began teaching before October 30, 2004.
In addition, a teacher seeking student loan forgiveness must be a new borrower, which is defined as a borrower who did not have an outstanding balance on a FFEL or Direct Loan on October 1, 1998, or on the date the borrower obtained a FFEL or Direct Loan after October 1, 1998.
To read more information about eligibility and download loan forgiveness applications, click on the following links:
http://www.ed.gov/policy/highered/guid/secletter/060301a.html
http://studentaid.ed.gov/PORTALSWebApp/students/english/
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