If you have taught for at least five years in a low-income school and meet other requirements, you may be eligible for loan forgiveness under the Stafford Loan Forgiveness Program for Teachers. The program grants loan forgiveness of up to $17,500 for teachers in certain specialties, as well as up to $5,000 for other teachers.
General Requirements
- You received a Stafford Loan through the Federal Family Education Loan (FFEL) Program and/or the William D. Ford Federal Direct Loan (Direct Loan) Program.
- You are a new borrower. You are considered a new borrower if you did not have an outstanding balance on an FFEL or Direct Loan on Oct. 1, 1998, or on the date you obtained an FFEL or Direct Loan after Oct. 1, 1998.
- 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.
- You are not in default on the loan for which you are requesting forgiveness (unless you have made satisfactory repayment arrangements with the holder of the loan).
- You have not received a benefit for the same teaching service through the AmeriCorps Program.
- At least one of your five years of qualifying teaching service must be after the 1997-98 academic year.
- You received the loan for which you are requesting forgiveness before the end of your fifth year of qualifying teaching.
To learn more, contact a University of Phoenix Enrollment Representative or visit www.studentaid.ed.gov/LoanForgivenessForTeachers.