Loan Forgiveness and Cancellation

 

The U.S. Department of Education has loan forgiveness and cancellation programs available for individuals who become teachers and for students who are enrolled in post-baccalaureate teacher certification programs.  More details about the following programs for teachers and students who become teachers are available on the Federal Student Aid website at www.studentaid.ed.gov.

You are strongly encouraged to read the full, complete details of these programs. Policies regarding repayment have changed or have been in flux since 2016.

FEDERAL LOAN FORGIVENESS FOR TEACHERS

Under the Teacher Loan Forgiveness Program, if you teach full-time for five complete and consecutive academic years in certain elementary and secondary schools and educational service agencies that serve low-income families, and you meet other qualifications, you may be eligible for forgiveness of up to a combined total of $17,500 on your Direct Subsidized and Unsubsidized Loans and your Subsidized and Unsubsidized Federal Stafford Loans. If you have PLUS loans only, you are not eligible for this type of forgiveness.

FEDERAL LOAN CANCELLATION FOR TEACHERS

Under federal law, the authority for schools to make new Federal Perkins Loan (Perkins Loans) Program,ns ended on Sept. 30, 2017, and final disbursements were permitted through June 30, 2018. As a result, students can no longer receive Perkins Loans.

TEACH GRANTS FOR STUDENTS

Teacher Education Assistance for College and Higher Education (TEACH) grant-eligible program is a program of study that is designed to prepare you to teach as a highly qualified teacher in a high-need field and that leads to a bachelor’s or master’s degree, or is a postbaccalaureate program. A program that is TEACH Grant-eligible at one school might not be TEACH Grant-eligible at another school. Contact the financial aid office at the school you are attending (or that you plan to attend) to find out which programs at that school are eligible.

POST-BACCALAUREATE CERTIFICATION PROGRAM PELL GRANTS

Federal Pell Grants usually are awarded only to undergraduate students who have not earned a bachelor’s or a professional degree. In some cases, however, a student enrolled in a post-baccalaureate teacher certification program might receive a grant.