Stafford Loan Forgiveness Program available for teaching in low-income communities

Posted: 5/4/2010 3:46:28 PM

The Stafford Loan Forgiveness Program for Teachers is a federal entitlement created to encourage talented teachers to teach in elementary and secondary schools that serve low-income communities. In return, it provides federal student loan forgiveness of up to $17,500 for eligible teachers in certain specialties and up to $5,000 for other eligible teachers. In fact, since 2006, more than 3,800 Great Lakes borrowers have had just over $32 million in student loans forgiven.

In order to qualify, you must meet the following eligibility requirements:

• You must not have had an outstanding balance on a federal student loan as of October 1, 1998, or on the date that you obtained a federal student loan on or after October 1, 1998
• You must teach full-time for at least five consecutive, complete academic years in a school designated as “low-income” by the U.S. Department of Education
• At least one of your five years of teaching must be after the 1997–1998 academic year
• You must not be in default on the loan for which you are requesting forgiveness

You can find a complete list of requirements and a link to the application by visiting the Stafford Loan Forgiveness for Teachers page on the Federal Student Aid website at studentaid.ed.gov.

If you think you qualify, contact your lender or servicer today. You can find contact information for your lender or servicer by visiting nslds.ed.gov.