Did you know that you may be eligible to receive up to $17,500 in student loan forgiveness for your public service as a teacher?
Sounds great, doesn't it? The government wants to give you a nice chunk of change to compensate you for your thankless work as an educator. Wonderful! Here's my address; send me the check!
If only it were that simple. It should be, but the fuel of bureaucracy is paperwork. Here's the abridged version. See the REFERENCES section at the bottom if you need additional clarification.
WHO IS ELIGIBLE?
- Your FFEL or Direct Loan program loans must be in good standing: current, usually paid on time.
- You must give proof of employment for five consecutive, complete academic years in a low income elementary or secondary school.
- AmeriCorps participants are not eligible to apply for this program if they have already received compensation for their teaching service under Subtitle D of Title I of the National and Community Service Act of 1990.
WHAT IS A LOW INCOME SCHOOL?
- Qualifies for funds under Title I of the Elementary and Secondary Education Act of 1965.
- Requires that at least 30% of of the school's enrollment is made up of children who qualify for services under Title I legislation.
- A list of eligible schools is updated each school year and posted at the Teacher Cancellation Low Income Directory.
FIRST PRIZE - UP TO $17,500 IN LOAN CANCELLATION
- Math Teachers
- Science Teachers
- Special Education Teachers
SECOND PRIZE - UP TO $5,000 IN LOAN CANCELLATION
- Elementary Teachers
- Secondary Subject Area Teachers other than Math or Science
WHAT CONSTITUTES PROOF OF EMPLOYMENT?
- The Chief Administrative Officer must complete this form on your behalf after your five years of service are complete.
- If you worked at more than one school during those five years, you must attach a certification to your completed application from the Chief Administrative Officer(s) from each school that employed you.
REFERENCES:
- Student Aid on the Web
- Teacher Loan Forgiveness Program FAQ
- Stafford Loan Forgiveness for Teachers Brochure
- AFT - Tools for Teachers - Loan Forgiveness Programs
