Iowa Student Loan Teacher Education Loan Forgiveness Program
Benefit Schedule
The chart below defines the maximum annual forgiveness amounts for each year of employment. Loan forgiveness will be based on the completion of one full academic year of employment (unbroken, except for military service) commencing at the point of employment.
Partial teaching years do not qualify for loan forgiveness. Forgiveness amounts can be up to the maximum annual dollar amounts listed in the chart but cannot exceed the outstanding principal balance (and accrued interest, if applicable) of qualifying loans.
| Teaching |
Annual Loan Forgiveness Maximum Amount |
| Year 1 | $1,000 |
| Year 2 | $1,000 |
| Year 3 | $1,000 |
| Year 4 | $1,000 |
| Year 5 | $2,000* |
* Recipients approved during the 2006 – 2007 and 2007 – 2008 award years are eligible for a loan forgiveness maximum of $5,000 during the fifth year of employment.
|
