Get Hired

AIE — Adventures In Education

High School Students

Loan Forgiveness

Determine which loan forgiveness options are available to you.

Several programs — many of them newly instituted — make borrowing money for education expenses an even better deal for some students. They're called loan forgiveness programs. By following the guidelines set up for each program, some student borrowers can wipe out their debt over a period of time.

Many loan forgiveness programs require some kind of service — such as in the Peace Corps, in AmeriCorps, or in Volunteers in Service to America. Visit the web sites of these programs for more information.

In addition, loan forgiveness programs are available for teachers who meet certain requirements. For instance, Stafford and Perkins Loan borrowers can have their loans forgiven by teaching in schools that serve low-income students. Up to $5,000 ($17,500 for secondary math or science, or elementary or secondary special education teachers) of the amount borrowed in Stafford Loans, and up to 100 percent of the amount borrowed in Perkins Loans, may be canceled for a teacher who meets the requirements over a five-year period. For more information about loan forgiveness, ask the experts at (800) 845-6267.

Talk to administrators in the school district you're interested in teaching in to see if you might qualify for loan forgiveness should you decide to teach there. State agencies should be able to provide you with details about teacher loan forgiveness options available in the state you teach in.

Loan forgiveness programs are also available for various health professionals, such as physicians, nurses, and occupational therapists. Ask your school's financial aid office for information about resources to help you find out how you can be eligible to have your loans forgiven.

AIE — Adventures In Education

High School Students

Loan Forgiveness

See also