Loan Forgiveness
BACKGROUND
The U.S. Department of Education Teacher Loan Forgiveness Programs are intended to encourage individuals to enter into and continue in the teaching profession. They are designed specifically for educators that teach in schools designated as low-income, and / or teach in subject matter or teacher shortage areas, or that are deemed highly qualified.
Teachers/educators who are borrowers of certain loans may qualify for deferment, forbearance, or cancellation of all or part of their loans, depending on the type of loans and when the loans were made.
Deferment is a temporary postponement of loan payments; principal, and in some cases interest
Forbearance is a temporary postponement or reduction of the loan
Cancellation means that the borrower will no longer be responsible for repaying all or a portion of the loan, including interest, once he or she has performed qualifying teaching service
Resources
How to Repay Your Loans > Forgiveness, Cancellation, and Discharge
Nevada Speech-Language-Hearing Association
Nevada Speech-Language-Hearing Association/Nevada Coalition
NV Department of Education - Loan Forgiveness, Shortage Areas
Teacher Loan Forgiveness / Student Aid
Subject Matter Shortage Areas:
http://www2.ed.gov/about/offices/list/ope/pol/tsa.html
http://www2.ed.gov/about/offices/list/ope/pol/tsa.html#list
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Contact the originator of your loan or the financial aid office from which you received your degree to obtain information specific to your loan, qualifications, and options.
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The following links provide information about the limitations, qualifications, and eligibility requirements for the loan forgiveness programs:
Federal Perkins/National Direct Student Loan
Federal Family Education Loan (FFEL)
TEACH Grant Teacher Education Assistance for College and Higher Education
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-Educators must have taught full-time for five (5) complete and consecutive academic years in a qualifying low income school and / or as an educator in a teacher shortage or subject matter shortage area, or have been deemed highly qualified.
-Loan payments must be current - cannot be in default of loan.
LOAN FORGIVENESS PROGRAMS
Two (2) types:
Designated as low income school: must have one or more of the following to be eligible:
Title 1
Title 1 and highly qualified
Title 1 and in a shortage area
Teacher Shortage Area: must have the following to be eligible:
Full-time teacher of mathematics, science, foreign languages, bilingual education, or any other field of expertise where the State Educational Agency has determined there is a shortage of qualified teachers.
Perkins Loan borrower