Loan Forgiveness Programs

Loan Forgiveness Programs

Discover ways to help you erase your debt faster.

Loan forgiveness programs make borrowing money for education expenses an even better deal for some students. By following the guidelines set up for each program, some student borrowers can wipe out their debt over a shorter period of time

Many loan forgiveness programs, such as the ones listed below, require some kind of service. Visit the Web sites of these programs for more information:

Peace Corps (www.peacecorps.gov)
AmeriCorps (www.americorps.org)
Volunteers in Service to America (http://www.americorps.gov/about/programs/vista.asp)

Teacher loan forgiveness programs

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, and meet other criteria.

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, contact TG Customer Assistance at (800) 845-6267.

Talk to administrators in the school district where you're interested in teaching to see if you qualify for loan forgiveness.

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Ask your school's financial aid office for information about resources to see if you qualify to have your loans forgiven.

Information about state loan forgiveness programs is also available by talking to the TG's experts via phone at (800) 845-6267, or e-mail cust.assist@tgslc.org.