TEACHER LOAN FORGIVENESS PROGRAM

A new Stafford Loan Forgiveness Program is now available for teachers who borrowed under the Federal Family Education Loan (FFEL) program and/or the William D. Ford Federal Direct Loan Program.

Forgiveness Amounts:  You may receive up to $5,000 or up to $17,500 in loan forgiveness.

You may be eligible to participate in the program if you have been employed for at least five consecutive, complete school years as a full-time teacher in an elementary or secondary school designated as a low-income school.

To apply you must complete a Teacher Loan Forgiveness Application and return it to the holder(s) of the loans.  The Chief Administrative Office of your school must certify on the application that your teaching service met the requirement for loan forgiveness for all five years.

For more details call 1-800-4-FED-AID or visit www.studentaid.ed.gov and select repaying.  Click on cancellation and deferment options for teachers, then on cancellation for Stafford Loans.