Teacher Loan Forgiveness Programs – Federal Student Loans

[Pages:2]For More Information Administered By Admin Source Qualifications

Application Dates Application Process Maximum Amount Forgiven

Maximum Time for Forgiveness Forgiveness Process

Teacher Loan Forgiveness Programs ? Federal Student Loans

(Information and requirements subject to change)

Federal Teacher Loan

Federal Teacher Loan

Iowa Teacher Shortage Loan

Forgiveness

Forgiveness

Forgiveness Program

Program ($5000)

Program ($17,500)

federalstudentaid. federalstudentaid.

1-800-4-FED-AID

1-800-4-FED-AID

1-800-383-4222

US Department of Education

US Department of Education

Iowa College Student Aid

Commission

Federal

Federal

State

1. New federal loan borrower on 1. All prior qualifications in 1st 1. Fully licensed teacher who began

or after October 1, 1998

column.

first classroom teaching job in

2. Teach full-time at a qualified 2. You are employed full-time

Iowa no earlier than July 1, 2007

low-income (determined by

as a math or science teacher

(non-administrative position).

US Department of Education)

in an eligible secondary

2. Employed full-time for one full

elementary or secondary

school or a special education

year in a teacher shortage area as

school for 5 consecutive

teacher whose primary

designated by the Iowa Department

complete years

responsibility is to provide

of Education.

3. One year of teaching must be

special education to children 3. Loan account(s) are in good

after 1997-98 year 4.

with disabilities in an eligible standing.

4. Meet definition of "highly

elementary or secondary

qualified" teacher

school.

After completion of 5 years of After completion of 5 years of September 1 to November 1

teaching

teaching

Teacher Loan Forgiveness

Teacher Loan Forgiveness

Online Iowa Teacher Shortage Loan

Application

Application

Forgiveness Application

$5000

$17,500

Lesser of either: 20% of teacher's

total loan balance per year OR

average resident tuition rate for

students attending Regent

universities for the first year

following the recipient's graduation

(Example: for 2007, average amount

is $6269)

5 years

5 years

5 years

Iowa Student Loan Teacher Education Loan Forgiveness Program teacher 1-800-243-7552 (Ext. 7656) Iowa Student Loan

Private 1. Be enrolled at an eligible Iowa

college or university and be working towards an education degree or endorsement program leading to licensure in an approved shortage area. MUST ALSO COMPLETE PROGRAM BY DECEMBER 31, 2009. 2. Remain in Iowa to teach in a subject shortage area as designated by the Iowa Department of Education. May 15 - September 1, 2008 (may be extended) Iowa Student Loan Online Application $6,000

5 years

After 5 years of teaching is

After 5 years of teaching is

complete, $5000 will be forgiven complete, $17,500 will be

forgiven

Lesser of either: Year 1: 20% of balance or $6269 Year 2: 20% of balance or $6269 Year 3: 20% of balance or $6269 Year 4: 20% of balance or $6269 Year 5: 20% of balance or $6269

Year 1: $1,000 Year 2: $1,000 Year 3: $1,000 Year 4: $1,000 Year 5: $2,000

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