If you are a teacher who works in a school district that serves low income students you may be eligible to have up to $17,500 of your student loans cancelled. The program, which is intended to encourage college graduates to enter the teaching profession, has the following requirements:
You must be a new borrower -- someone who did not have a loan balance as of October 1, 1998,
You must have a Stafford loan,
You must be employed for at least five years as a full time teacher in a school that serves low income students,
You must not be in default on the loan you are asking for forgiveness of,
You must complete a Loan Forgiveness Application and submit it to the servicer of your loan.
The amount that will be forgiven varies from $5,000 to $17.500 depending on the type of school and the subject matter taught. The teacher's chief administrative officer (typically a principal or superintendent) is responsible for certifying that the teaching experience meets the programs requirements. For more information on this program visit www.stsudentaid.ed.gov/tc.
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