Student Loan Repayment Programs

For those of you who are already teaching or just about to start, you may have student loans that need repayment. There are many programs out there that can help you repay you student loans just by doing your job. The key is being able to meet all the criteria for these programs, which at times may be a little tricky.

If you are just starting out this may be a bit easier as you can do your best to find a school to teach in that fits the requirements. Many times they require a low income area, but not all, some are dependent upon the subject you teach.  Some of the nationally recognized programs are:

Public Service Loan Forgiveness

This is a program that is based on working in the teaching profession for 10 yrs while paying your monthly student loan, after 10 yrs the remaining balance and interest is forgiven. Go to and look under “Repay your Loans.”

Federal Perkins Loan Cancellation

This program is specific to Federal Perkins Loans. Teachers that work in low income areas are eligible to have their Perkins loan forgiven over a five year period (15 percent the first and second year, 20 % the third and forth year, and 30 % of the loan the fifth year). To qualify for this program a teacher must teach in a low income area that is specified by school.  Also some special subject areas are included in this program (ex: Math and Science) even if you do not teach in a low income school.

To search the government data base of  low income schools click here). I do want to note that I looked at the site and the database does work. The top of the site has some confusing text about the page not being in compliance with the Education Department.  I called the number given within the text and was told the statement is in regards to persons with disabilities possibly not being able to use the site. The site and information are good to use.

Stanford Loan Forgiveness Program

This program allows up to $17,500 worth of student loan forgiveness for Federal Stanford Loans. The program requires that the person teach for 5 consecutive years in a school that serves low income students. There are other requirements as well and these have changed based on what year you started teaching. For the most detailed information on this program click here.

There may be other student loan forgiveness programs in your local area or state. I do recommend looking more closely in your area for these regional programs. This information should get you well on your way to finding out if you are eligible for one of these national loan forgiveness programs.   Best of luck!

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