College Loan Forgiveness

I didn't even know this type of program existed until AFTER I finished my Master's Degree!
http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp

 

‍Eligibility Requirements

• You must not have had an outstanding balance on a FFEL or Direct Loan program loan as of October 1, 1998, or on the date that you obtained a Direct Loan Program loan or a FFEL Program loan after October 1, 1998.
• If you are in default on a FFEL and/or Direct Loan program loan(s), you are not eligible for forgiveness of that loan(s) unless you have made satisfactory repayment arrangements with the holder of the defaulted loan(s).
• The loan(s) for which you are seeking forgiveness was made prior to the end of your five academic years of qualifying teaching service.
• You have not received benefits through the AmeriCorps Program under Subtitle D of Title I of the National and Community Service Act of 1990 for the same teaching service for which you are seeking forgiveness on your FFEL and/or Direct Loan program loan(s).
• You must have been employed as a full-time teacher for five consecutive, complete academic years, at least one of which was after the 1997-1998 academic year, in 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 U.S. Department of Education based on a determination that more than 30 percent of the school’s total enrollment is made up of children who qualify for services provided under Title I; and
  • Is listed in the Annual Directory of Designated Low-Income Schools for Teacher Cancellation Benefits. If this directory is not available before May 1 of any year, the previous year’s directory may be used. Note: All elementary and secondary schools operated by the Bureau of Indian Education (BIE) or operated on Indian reservations by Indian tribal groups under contract with the BIE qualify as schools serving low-income students. These schools are qualifying schools for purposes of this loan forgiveness program.
  Note: If your school meets the above requirements for at least one year of your teaching service, but does not meet these requirements during subsequent years, your subsequent years of teaching at the school may be counted toward the required five consecutive, complete academic years of teaching.

• You may receive up to $5,000 in loan forgiveness if you were a highly qualified full-time elementary or secondary school teacher.
• You may receive up to $17,500 in loan forgiveness if, as certified by the Chief Administrative Officer of the school where you were employed, you were:

1. A highly qualified full-time mathematics or science teacher in an eligible secondary school; or
2. A highly qualified special education teacher whose primary responsibility was to provide special education to children with disabilities, and you taught children with disabilities that corresponded to your area of special education training and have demonstrated knowledge and teaching skills in the content areas of the curriculum that you taught.

‍How to apply

You apply for teacher loan cancellation after you have completed the five-year teaching requirement. Click here to print a copy of the Teacher Loan Forgiveness Application. The Chief Administrative Officer of the school at which you performed your qualifying teaching service must complete the certification section. If you taught at more than one school during the same academic year, the Chief Administrative Officer from one of the schools may complete the certification section. If you taught at different schools during different academic years, the Chief Administrative Officers from all of the schools must certify your eligibility. If you need more than one Chief Administrative Officer’s certification, the additional certifications may be provided on a separate piece of paper and submitted with your completed form. Return the completed form to the address shown in Section 9 of the application. If you are applying for forgiveness of loans that are held by different loan holders, you must submit a separate form to each loan holder.
If your five consecutive, complete years of qualifying teaching service began on or after October 30, 2004: