Loan Forgiveness

Student loan forgiveness programs encourage students to pursue educational goals that will lead to employment in specific occupations. These programs forgive part or all of a student's educational loan debt, provided they fulfill certain work-related requirements. If you determine that you may qualify for loan forgiveness please contact your loan servicer.

Teacher Loan Forgiveness

Federal Stafford Loan

Federal Stafford Loan borrowers who teach full-time for five consecutive academic years in certain low income elementary and secondary schools may be eligible for up to a combined total of $17,500 in principle and interest on their Stafford Loan forgiven.

Federal Perkins Loan

Federal Perkins Loan borrowers may be eligible to have up to 100% of their loans cancelled. In order to qualify, you must teach full time in a public or non-profit elementary or secondary school system as a:

• teacher in a school serving students from low-income families
• special education teacher
• teachers in the fields of mathematics, science, foreign languages or bilingual education or in any field of expertise that is determined by the state education agency to have a shortage of qualified teachers.

Nursing Loan Forgiveness

Federal Perkins Loan

Federal Perkins Loan borrowers who are employed full-time as a licensed practical nurse, a registered nurse or other individual who is licensed by the appropriate State agency to provide nursing services may be eligible for up to 100% of their loans cancelled.

HRSA: U.S. Department of Health and Human Services

NELRP (Nursing Education Loan Repayment Program) is a program that repays 60% of a Registered Nurses' qualifying educational loans in exchange for two years of service in a critical shortage facility.

National Health Service Corps Loan Repayment Program

Primary care medical, dental and mental health professionals may be eligible for up to $50,000 loan repayment in exchange for two years of service at an approved site in a Health Professional Shortage Area.

Colorado Health Care Provider Loan Repayment Program

Medical professionals licensed to practice in the State of Colorado and borrowed Federal Stafford Loans through College Invest may qualify for up to $25,000 a year loan repayment in exchange for two years of service in a designated Health Professional Shortage Area in Colorado.

Volunteer Work

AmeriCorps.

A volunteer who commits to a full year of full-time service may be awarded $4725 (awards are prorated for part-time service) to pay education cost at a qualified institution of higher education, for educational training or to repay qualified student loans.

Peace Corps.

As a volunteer you may apply for deferment of Stafford and Perkins Loan. Volunteers with Perkins loans are eligible for a partial cancellation benefit.

Military Loan Forgiveness

Federal Perkins Loan

Perkins Loan borrowers who served full-time active duty service in the U.S. Armed Forces in areas of hostilities or an area of imminent danger that qualifies for special pay under Section 310 of Title 37 of the U.S. Code may be eligible to cancel up to 50% of their loans.

Army

The Army will pay back up to $65,000 in qualified educational loans (up to $20,000 for reservist) after enlisting.

Army National Guard

The Army National Guard will pay back up to $50,000 in qualified existing educational loans, as well as student loans acquired after enlisting.

Navy

The Navy will pay back up to $65,000 in qualified educational loans for full-time duty soldiers who have no prior military service after enlisting.

Air Force

The Air force will pay back up to $10,000 in qualified educational loans for first time recruits with no prior military service after enlisting.

Other Loan Forgiveness Programs

To learn more about other federal loan forgiveness programs, please feel free to visit: http://mappingyourfuture.org/paying/forgiveness.htm