Under certain circumstances, the federal government will cancel all or part of an educational loan. To qualify, you must perform volunteer work, military service, or practice medicine in certain types of communities. For more information on these programs visit the FinAid! Web site.
To encourage students to enter and remain in the teaching profession, the Teacher Loan Forgiveness Program grants loan forgiveness of up to $17,500 for teachers in certain specialties, and up to $5,000 for other teachers who teach for five years in low-income schools and meet other requirements.
To be eligible to participate in the Stafford Loan Forgiveness Program for Teachers, you must meet certain requirements. To review the requirements and apply for loan forgiveness, you must complete a Teacher Loan Forgiveness Application available at the Direct Loan Web site.
General Requirements: You must request the appropriate forms from the office that administers the Federal Perkins Loan program at the school that holds your loan. It is the school’s responsibility to determine whether you qualify, and the school’s decision cannot be appealed to the U.S. Department of Education. Schools may not cancel any portion of a loan for teaching services you performed either before the date the loan was disbursed or during the enrollment period covered by the loan. For Perkins Loans administered by Illinois State University, contact the Perkins Department in Student Accounts at (309) 438-3347 or visit the office at 607 W. Dry Grove St.
Through the College Cost Reduction and Access Act of 2007, Congress created the Public Service Loan Forgiveness Program to encourage individuals to enter and continue to work full-time in public service jobs. Under this program, borrowers may qualify for forgiveness of the remaining balance due on their eligible federal student loans after they have made 120 payments on those loans under certain repayment plans while employed full time by certain public service employers.
For more information regarding Loan Forgiveness visit Federal Student Aid.
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