Under certain circumstances, the federal government will cancel all or part of an educational loan. To qualify, you must perform volunteer work, military service, or practice medicine in certain types of communities. For more information on these programs visit the FinAid! Web site.
Loan forgiveness is also available for some teachers – see more information below.
To encourage students to enter and remain in the teaching profession, the Teacher Loan Forgiveness Program grants loan forgiveness of up to $17,500 for teachers in certain specialties, and up to $5,000 for other teachers who teach for five years in low-income schools and meet other requirements.
To be eligible to participate in the Stafford Loan Forgiveness Program for Teachers, you must meet certain requirements. To review the requirements and apply for loan forgiveness, you must complete a Teacher Loan Forgiveness Application available at the Direct Loan Web. The Direct Loan Web site has more information.
General Requirements: You must request the appropriate forms from the office that administers the Federal Perkins Loan program at the school that holds your loan. It is the school’s responsibility to determine whether you qualify, and the school’s decision cannot be appealed to the U.S. Department of Education. Schools may not cancel any portion of a loan for teaching services you performed either before the date the loan was disbursed or during the enrollment period covered by the loan. For Perkins Loans administered by Illinois State University, contact the Perkins Department in Student Accounts at (309) 438-3347 or visit the office at 607 West Dry Grove.
For more information regarding Loan Forgiveness visit Federal Student Aid.
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