Perkins Loan Cancellation for Teachers
Teachers with Perkins Loans can potentially receive forgiveness under Perkins Loan Cancellation for Teachers. This program will forgive as much as 100% of a teacher's federal Perkins Loans if they teach full-time at a low-income school or if they teach specific subjects.
Eligible teachers will receive the following forgiveness in increments:
- 15% of their Perkins Loan balance canceled per year for the first two years of their teaching service.
- 20% canceled annually for the third and fourth years of service.
- 30% canceled for the fifth year of service.
Amounts canceled include any interest accrued during the year.
Teachers should check to see if their school qualifies as low-income. If it doesn't, teachers may still qualify for Perkins Loan Cancellation if they teach math, science, foreign languages, or bilingual or special education. In addition, people teaching different subjects in some states can receive cancellation under this program if the state education agency determines there is a shortage of qualified teachers.
Teachers in private schools can also receive cancellation under this program if their school has nonprofit status or provides elementary or secondary education according to state law.
State-sponsored student loan forgiveness programs
Many states have programs for forgiving student loans for teachers. Most of these programs are specifically for those who teach in an area with high need to incentivize teachers to work in those districts. Teachers interested in whether their state offers a forgiveness program should contact their state's education agency for more information.
