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College Loan Forgiveness Programs
- Federal Teacher Loan Forgiveness Program — Certain teachers qualify for up to $17,500 in loan forgiveness under this program. For more information regarding qualifications, go to http://www.studentaid.ed.gov
- Federal Health Care Worker Loan Forgiveness Programs — The U.S. Department of Public Health and Human Services administers several loan programs for undergraduate students, and in some circumstances, will forgive loans. Visit www.bhpr.hrsa.gov/dsa for more information.
- Public Service Loan Forgiveness — The College Cost Reduction and Access Act of 2007 established a new public service loan forgiveness program. This program discharges any remaining debt after 10 years of full-time employment in public service. The borrower must have made 120 payments as part of the Direct Loan program in order to obtain this benefit. Only payments made on or after October 1, 2007 count toward the required 120 monthly payments. (Borrowers may consolidate into Direct Lending in order to qualify for this loan forgiveness program starting July 1, 2008.) Contact your lender for more information.
- Quality Educator Loan Assistance Program (Montana only) — The
Montana legislature has authorized a Quality Educator Loan Assistance
Program for K-12 educators and licensed professionals.
The program provides for the direct repayment of educational loans. The total loan repayment assistance may not exceed $3,000 per year for up to four years. The Legislative appropriation of $350,000 in FY2008 will allow for 100-120 educators to receive repayment. Qualified applicants will be ranked based on a scoring system that takes into account the impacted schools and academic areas.
To qualify for loan assistance an educator must be:- A full-time educator holding a valid educator license or a licensed professional providing services to students in a school district, an education cooperative, the Montana School for the Deaf and Blind, the Montana Youth Challenge Program or a state youth correctional facility.
- Teaching in an impacted school. These schools tend to be rural and isolated, have a higher percentage of economically disadvantaged students, and/or have greater challenges in closing the achievement gap. A list of qualifying schools is available at ImpactedSchools_CQESRpt.pdf
- Teaching in an impacted academic area. These areas are Music,
Mathematics, Special Education, Science, Speech/Language Pathologist,
World Languages, School Counselor, Library/ Media, and Business.
Applications and instructions are available online at http://www.mgslp.org and must be received at the Montana Guaranteed Student Loan Program,
2500 Broadway, Helena, MT 59601 no later than May 31, 2008.
Questions regarding the program and application process may be directed to Montana Guaranteed Student Loan Program at 800-537-7508.