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Loan Forgiveness Opportunities


In some cases, you might be able to get your federal student loans cancelled. The charts below illustrate the conditions that would allow you to cancel part or all of your federal loans. While most of these opportunities could be used to forgive both undergraduate and graduate loans, you'll notice that they are available only for the federal loan programs, not private programs. Check with your Financial Aid Office, as well as potential employers, about any additional loan forgiveness benefits that might be available. For more information about the process of canceling your loans, you should contact the agency that holds your Direct or Stafford Loans or the school that awarded you the Perkins loan.

 

Perkins Loan Cancellation Conditions

Amount Forgiven

Full-time teacher in a designated elementary or secondary school serving students from low income families

Up to 100%

Full-time special education teacher (includes teaching children with disabilities in a public or nonprofit elementary or secondary school)

Up to 100%

Full-time qualified professional provider or early intervention services for the disabled

Up to 100%

Full-time teacher of math, science, foreign languages or other fields designated as teacher shortage areas

Up to 100%

Full-time employee of a public or nonprofit child/family services agency providing services to families from low-income communities

Up to 100%

Full-time nurse or medical technician

Up to 100%

Full-time law enforcement or corrections officer

Up to 100%

Full-time staff member in an education component of a Head Start program

Up to 100%

Americorps VISTA or Peace Corps volunteer

Up to 70%

Service in the US Armed Forces

Up to 50% in areas of hostilites or imminent danger

 

 

Stafford/Direct Loan Cancellation Conditions

Amount Forgiven

Full-time teacher in a designated elementary or secondary school serving students from low income familes (additional funds may be available for math, science and special education teachers)

Up to $5000 of the aggregate loan amount that is outstanding after completion of the fifth year of teaching

Loan Forgiveness for Public Service Employees (Direct Loan Only)

100% of the outstanding balance on an eligible Direct Loan. Borrowers must not be in default and have made 120 monthly payments on the loan after October 1, 2007 under certain repayment plans, while the borrower is employed full-time in a public service job