Student Loan Forgiveness - Illinois State Board of Education
Student Loan Forgiveness
June 2, 2016
Illinois State Board of Education
Center for Educator Effectiveness
Student Loan Forgiveness
Federal
?
Public Service Loan
Forgiveness (PSLF)
?
Teacher Loan Forgiveness
?
Teacher Cancellation
?
TEACH Grant
State
?
Illinois Teachers Loan
Repayment Program
Public Service Loan Forgiveness
Federal Loan Forgiveness
Practicing Teacher
Public Service Loan Forgiveness
Eligibility Requirement
Qualifying Employment
? Government organizations
? Not-for-profit organizations
? AmeriCorps/Peace Corps
Employment that does not Qualify
? Labor Unions
? Partisan political organizations
? For-profit organizations
Public Service Loan Forgiveness
Eligibility Requirement Continued
Qualifying Monthly Payment
? after October 1, 2007
? Qualifying repayment plan
? Full amount
? No late payments
?
?
?
?
>15 days
Employed full-time by a ¡°qualifying¡± employer
Only required periods of payment qualify
120 Payments
?
Do not need to be consecutive
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