PDF 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)
State
Illinois Teachers Loan Repayment Program
Teacher Loan Forgiveness
Teacher Cancellation
TEACH Grant
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
Public Service Loan Forgiveness
Eligibility Requirement Continued
Qualifying Repayment Plan Income-driven repayment plans
Revised Pay As You Earn Repayment Plan (REPAYE Plan) Pay As You Earn Repayment Plan (PAYE Plan) Income-Based Repayment Plan (IBR Plan) Income-Contingent Repayment Plan (ICR Plan)
10-year Standard Repayment Plan
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