LOAN FORGIVENESS BENEFIT CHART
QUICK REFERENCE CHART OF TEACHER LOAN BENEFITS
To Help Teachers Determine if Their Student Loans Qualify for Forgiveness/Deferment/Cancellation Benefits. See 7-page Fact Sheet for Detailed Information.
* Important new note: see New State Loan Repayment Assistance Program under Notes from Texas on p.7 of Fact sheet
|Type of Loan |Date of FIRST Loan |Benefit |How is the Benefit Earned ? |When Is Benefit Received? |What Should |Where Do You Get the Forms to |
|* see note |Determines | | | |You Do? |Apply? |
|↨ |Borrower Eligibility | | | | | |
|Stafford |ONLY on or after |Forgiveness benefit of up to|Teach for 5 consecutive years in a| At end of fifth |• Make regular loan |From loan holder or |
|( |Oct. 1, 1998. |$5,000 (new benefit $17,500 |low-income school, & teach in an |consecutive year of teaching in a |payments. Submit |TEA website: |
|*Note: | |for second. math, sci. & |area relevant to his/her academic |designated |forgive-forbearance |
|See new benefit|On the date of 1st loan, |second. & elem. spec. ed. |major (see fact sheet). If |low-income school. |form when balance |ev/loanforgive/ |
|→ |borrower must have had no |teachers) per teacher on |eligible for $17,500 (see left) or| |due nears benefit amount of | |
|only for math, |outstanding balance on |total loan balances, incl. |teaching service began after |(At least one year of teaching |$5,000.** |Send completed forms to loan |
|sci & spec. ed.|Stafford or Direct loans |consolidations in a Fed. |10-30-04, must meet definition of |service must be after the 1997-1998 |(No refunds possible.) |holder. |
|teachers |taken out prior to |Consol. Loan. |highly qualified teacher below. |school year.) |• At end of 5th consec. | |
| |10-01-98. | | | |year, submit applic. | |
| | | | | |form to loan holder for up to | |
| | | | | |$5,000** benefit. | |
|Stafford |Between July 1, 1993 & |NO forgiveness or deferment | | | | |
|( |Sept. 30, 1998. No benefit |benefits available-Congress | | | | |
| |for any -- even for |did not legislate a benefit| | | | |
| |additional loans after |during this time period. | | | | |
| |10-01-98. | | | | | |
|Perkins |On or After |Cancellation benefit of up |After teaching five years in a |Partial Forgiveness at: |• At beginning of each |From the college or university|
|( |July 23, 1992 |to |designated low-income school OR |End of yr 1 & 2 = 15% ea |school year, notify |where the Perkins loan was |
| |( |100% of the loan( |in a designated subject-matter |End of yr 3 & 4 = 20% ea |college where loan |taken out. |
| | | |shortage area. |End of yr 5 = 30% |was obtained; tell | |
| | | | |(Total of 100%) |them where & what |(Send the application to your |
| | | |Same as above, but |Warning: Never consolidate a Perkins |you are teaching. |college or university.) |
| |Prior to | |subj. -matter shortage area |Loan into a Fed Consolid. loan or |• At end of each | |
| |7-23-92 ( |Cancellation benefit of up |service counted only after Oct. 7,|cancellation benefits will be lost. |school year, fill out | |
| | |to |1998. | |the application to | |
| | |100% of the loan( | | |apply for benefit. | |
Dates of Borrower Eligibility for Loan Benefits: were determined by date on which Congress passed the applicable legislation to establish the benefit.
Designated Low-Income Schools are: Schools with greater than 30% low-income student enrollment in a DISTRICT eligible for Title I funds.
Texas Subject-Matter Shortage Areas are: Special Ed, Math, Science, Foreign Language, Bilingual, ESL, and (computer) Technology Applications.
** $17,500 or less only for secondary math & science teachers and secondary and elementary special ed teachers whose 1st loan was obtained after 10-01-98.
For definition of highly qualified go to
[Texas Education Agency Mar. 2006]
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