Iowa Student Loan Teacher Education Loan Forgiveness Program
Federal and State Loan Forgiveness Programs for Teachers
Below is a list of federal and state loan forgiveness programs available to teachers. Note that each program has its own eligibility requirements. A comparison chart is available in PDF format.
Note: The information outlined on this page is not intended to substitute for information provided by the actual providers of the following programs, nor is it an exhaustive list of all available loan forgiveness programs.
| New Program – Public Service Loan Forgiveness |
| A new federal loan forgiveness program is available for borrowers who hold public service jobs in areas that include health and education. More details on this federal program is available at www.studentaid.ed.gov |
| New Program – Federal TEACH Grant Program |
| Through the College Cost Reduction and Access Act of 2007, Congress created the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program that provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. More information on this program is available at www.teachgrant.ed.gov. |
Federal Perkins Loan Teacher Cancellation
- Applications should be submitted after the student has graduated. Applications are provided by the college or university that issued the Perkins Loan(s).
- Applicants must teach in a federally designated low-income school, or teach special education or in a designated subject-shortage area.
- Benefits are earned incrementally, with up to 100% cancellation after five years of qualified teaching.
- Payments are deferred during years of teaching; paperwork is coordinated through the college or university that issued the Perkins Loan(s).
- More detailed information is available from the U.S. Department of Education.
Federal Stafford Loan Forgiveness Program for Teachers
Iowa Teacher Shortage Loan Forgiveness Program
- Applications should be submitted after the student has graduated.
- Applicants must be fully licensed teachers, begin their first classroom teaching job in Iowa no earlier than July 1, 2007, and must teach in a shortage area as designated by the Iowa Department of Education.
- As much as $6,704 in Federal Stafford Loans can be forgiven at the completion of one year of teaching (2009-2010 award year).
- More detailed information is available from the Iowa College Student Aid Commission.
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