Teacher

A teacher shortage area/targeted teacher deferments is intended to cover you while you are teaching full-time in a public or nonprofit private elementary or secondary school in a teacher shortage area defined by the U.S. Department of Education, as recommended by the chief state school officer of the state. 

Loan Forgiveness for Teachers

Under certain circumstances, a portion of your student loan debt may be forgiven. Federal law provides the loan forgiveness for teachers. 

Please contact your lender for applications and more information. 

Teacher Loan Forgiveness

The Taxpayer-Teacher Protection Act of 2004 increases teacher loan forgiveness benefits to borrowers who teach targeted subjects in low-income schools up to $17,500. This program is a federal program. To be eligible to receive cancellation for loans, teachers must have: 

• received a Stafford or Direct Loan after October 1, 1998, as a new borrower or have no outstanding balance at the time the promissory note was signed;
• served as teachers in designated low-income schools listed in The Annual Directory of Designated Low-Income Schools for Teacher Cancellation Benefits;
• taught in low-income school for five (5) consecutive school years (starting with the 97-98 academic year).

If you meet these requirements you may be eligible for a loan forgiveness. Complete the application form and send completed forms to the lender.